SM Prime’s revenue in the first half of the year rose to 22 billion pesos

Syblings-owned real estate developer SM Prime Holdings Inc., one of Southeast Asia’s leading integrated real estate developers, said its consolidated net income increased by 13 percent to PHP22.1 billion in the first half of 2024 from PHP19.4 billion in the same period last year.

In a statement filed with the Philippine Stock Exchange, the company said its consolidated revenue increased eight percent to PHP64.7 billion from PHP59.9 billion in the same period last year.

SM Prime reported a 16% increase in consolidated net income to PHP11.6 billion in the second quarter of 2024 compared to PHP10.0 billion in the same period last year.

This is evidenced by a nine percent increase in consolidated revenue to PHP 34.0 billion in the second quarter of 2024 from PHP 31.2 billion in the same quarter last year.

“SM Prime’s growth in the first half of 2024 remains stable as we realize value from our previous expansion projects across our business portfolio,” said SM Prime President Jeffrey C. Lim.

He noted that “as we celebrate our 30th anniversary as a public company this year, we are committed to continuing to expand our core business in the Philippines and introduce innovative and larger projects in the years to come.”

SM Prime’s mall business accounts for 58 percent of consolidated revenue. Mall rental revenue reached PHP16.3 billion in Q2 2024, up 10 percent from PHP14.9 billion in the same period last year.

Shopping mall rental revenues totaled PHP32.1 billion in the first half of 2024, up nine percent from PHP29.4 billion in the first half of 2023.

The company’s total revenue from its shopping mall operations was PHP 37.5 billion in the first half of 2024, an increase of eight percent from PHP 34.6 billion in the first half of 2023.

SM Prime’s core residential real estate business unit accounted for 29 percent of consolidated revenue and recorded a revenue of PHP10.4 billion in the second quarter of 2024, up 23 percent from PHP8.5 billion in the previous quarter.

The core residential real estate business unit’s revenue was PHP18.9 billion in the first half of 2024, an increase of eight percent compared to PHP17.6 billion in the first half of 2023. The Company’s reservation sales are expected to be PHP40.2 billion in the first half of 2024.

SM Prime’s Offices, Hotels and Conference Centers business segments recorded revenue of PHP 7.0 billion in the first half of 2024, up 13 percent from PHP 6.2 billion in the first half of 2023.

The Company’s office business unit recorded revenues of PHP 3.6 billion while the hotel and convention center business unit recorded revenues of PHP 3.4 billion in the first half of 2024.