SM Prime Holdings, Inc. reported a 16% increase in consolidated net income for the second quarter (Q2), reaching P11.6 billion, up from P10 billion year on year.
This growth was primarily driven by the company’s mall operations, SM Prime said in a statement to the stock exchange on Monday.
The company recorded a 9% rise in consolidated revenue, totaling P34 billion compared to P31.2 billion in the previous year.
The mall segment contributed 58% of total revenue, with rental income climbing 10% to P16.3 billion from P14.9 billion.
SM Prime’s residential business accounted for 29% of consolidated revenue, with earnings up 23% to P10.4 billion, from P8.5 billion in 2023.
For the first half of the year, SM Prime achieved a 13% increase in consolidated net income to P22.1 billion, compared to P19.4 billion previously.
Consolidated revenue for January to June rose by 8% to P64.7 billion from P59.9 billion.
First-half mall rental revenue increased by 9% to P32.1 billion, up from P29.4 billion.
Total mall revenue for the first half reached P37.5 billion, an 8% increase from P34.6 billion in the prior year.
The residential business saw an 8% rise in revenue, totaling P18.9 billion compared to P17.6 billion a year ago, with reservation sales hitting P40.2 billion in the first half.
Additionally, SM Prime’s offices, hotels, and convention centers segments generated P7 billion in revenue for the first six months, marking a 13% increase from P6.2 billion last year. Specifically, the office segment contributed P3.6 billion, while hotels and convention centers generated P3.4 billion.
“SM Prime’s growth in the first half of 2024 remains steady as we realize value from our past expansion projects across our business portfolio. As we celebrate this year our 30th anniversary as a public company, we are determined to continue expanding our core businesses across the Philippines, and introduce innovative and bigger projects in the coming years,” SM Prime President Jeffrey C. Lim said.
“SM Prime remains steadfast in bringing the SM brand closer to more Filipinos through our integrated property developments that promote climate resilience environmental sustainability, and prosperity to all,” he added.
On Monday, SM Prime shares fell by 4.45% or P1.30 to P27.90 per share. — Revin Mikhael D. Ochave
