SM Prime earnings reach record P45.6B

SM Prime Holdings Inc. | PHOTO: Official website of SM Prime / smprime.com

MANILA, Philippines — Real estate giant SM Prime Holdings Inc. shattered its own earnings record as rental income and sales boosted the company’s overall profitability.

The Sy family-led developer disclosed to the stock exchange on Monday that its net income in 2024 jumped by 14 percent to an all-time high of P45.6 billion.

Consolidated revenues likewise grew by 10 percent to a record P140.4 billion.

“The results we achieved in 2024 provide a solid foundation for future growth,” SM Prime president Jeffrey Lim said in a statement.

“We have several key projects in development that we expect will benefit from this positive momentum,” Lim added.

Malls remained the company’s top revenue contributor at 55 percent, followed by the residential segment at 34 percent, hotels and convention centers at 6 percent, and office and warehouses at 5 percent.