SM Prime marks 30th anniversary with record-breaking income, P100 billion investment for 2024

During the Annual Stockholders Meeting held on April 23, 2024, SM Prime announced its highest-ever recorded income, reaching P40 billion in consolidated net income, marking a 33 percent increase from 2022. Additionally, the company’s revenues surged by 21 percent, soaring to P128.1 billion, a notable growth from the previous year. The consolidated operating income also saw significant growth, rising by 24 percent to P61.3 billion.

The outstanding performance can be attributed to SM Prime’s mall business, driving 56 percent of consolidated revenues and a 30 percent growth to P71.9 billion in 2023. This growth was bolstered by a 24 percent increase in mall rental income, amounting to P61.3 billion. Moreover, the opening of four new malls in 2023 expanded SM’s retail presence to 85 malls in the Philippines and 8 malls in China.

Meanwhile, SM Prime’s residential business group, led by SM Development Corporation (SMDC), recorded an 8 percent growth in revenues to P43.1 billion in 2023. The residential group’s gross profit rose by 15 percent to P25.4 billion, with reservation sales standing at P102 billion.

In addition to its mall and residential businesses, SM Prime’s other key segments, comprising offices, hotels, and convention centers, contributed 10 percent of consolidated revenues, reported P13.1 billion in revenues in 2023, marking a remarkable 26 percent increase from the previous year.

Commitment to Shared Growth