SM Prime’s 9-month net income up 37% to P30.1B

MANILA  -The Sy family’s property conglomerate SM Prime Holdings Inc. said net income from January to September jumped 37 percent to P30.1 billion due to the strong performance of all business segments, led by its shopping malls.

“Our strategic operations over the past months provided us remarkable results this quarter, which we expect to lead us to a stronger full-year performance,” SM Prime president Jeffrey Lim said in a statement on Monday.

“I would like to thank our customers and partners for their continued support that aim to deliver convenience and comfort to everyone,” he added.

SM Prime said revenues from January to September grew 26 percent to P92.6 billion.

Mall earnings, which account for 57 percent of revenues, increased by 37 percent to P52.5 billion. Rental income expanded by 29 percent to P44.8 billion while ticket sales soared 120 percent to P7.7 billion.

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SM Prime’s primary residential business, mainly via SM Development Corp. (SMDC), booked revenues up P28.7 billion, up 10 percent.

SMDC’s reservation sales, an indicator of future revenues, reached P89.3 billion in first three quarters of 2023, higher by 6 percent.

SM Prime’s other key businesses, which include offices, hotels, and convention centers grew by 33 percent to P9.5 billion from January to September this year.

The office business segment grew by 14 percent to P4.9 billion while hotels and convention centers saw revenues climb 64 percent to P4.6 billion.