Integrated property developer SM Prime Holdings, Inc. (SMPH), which is celebrating its 30th anniversary as a publicly listed company, announced that it achieved its highest-ever recorded income and pledged P100 billion for its partners, stakeholders, and communities.
Record-breaking performance
During the Annual Stockholders Meeting held on April 23, SM Prime announced its highest-ever recorded income, reaching P40 billion in consolidated net income, marking a 33% increase from 2022. The company’s revenues also jumped by 21%, reaching P128.1 billion, which is a remarkable growth compared to the previous year. Additionally, the consolidated operating income saw a significant rise, increasing by 24% to P61.3 billion.
SM Prime’s mall business played a significant role in its outstanding performance, contributing 56% of consolidated revenues and experiencing a 30% growth to P71.9 billion in 2023. This growth was fueled by a 24% 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% growth in revenues to P43.1 billion in 2023. The residential group’s gross profit rose by 15% to P25.4 billion, with reservation sales standing at P102 billion.
Apart from its mall and residential ventures, SM Prime’s other main sectors—including offices, hotels, and convention centers—made up 10% of consolidated revenues. They generated P13.1 billion in 2023, marking a notable 26% increase from the previous year.
Commitment to shared growth
SM Prime’s success stems from its commitment to shared prosperity in every city it operates. With a strategic investment of P100 billion in 2024, SM Prime plans to reinvest in its partners, stakeholders, and communities.
SM Prime aims to continuously expand and develop new places for every Filipino to enjoy. Sixty percent will be dedicated to enhancing its malls, development of new residential properties under SMDC, and construction of new hotels and convention centers. Meanwhile, 40% will be directed toward acquiring new properties and coastal developments to pave the way for modern, eco-friendly urbanization.
Commitment to environmental sustainability and disaster resilience
SM Prime continues to work towards its goal of achieving net zero carbon emissions by 2040, aligning with the Department of Energy’s target of reaching a 35% renewable energy share by 2030. Through partnerships with renewable energy suppliers and organizations like the World Wildlife Fund for Nature (WWF), SM Prime endeavors to reduce its environmental footprint and advocate for sustainable practices in all areas of its operations.
SM Supermalls’ SM Cares and SMDC’s The Good Guys also remain actively engaged in various community initiatives, such as conducting community disaster preparedness programs, providing support programs for senior citizens and persons with disabilities, and promoting job generation and entrepreneurship through nationwide job fairs and MSME programs.
Other initiatives include coastal clean-ups, the donation of school buildings and fire trucks, and the organization of eco-camps for youth.
“At SM Prime, we’re not just building spaces; we’re cultivating lifetimes of progress and shared growth,” shared Jeffrey C. Lim, President of SM Prime Holdings. “Our commitment lies in empowering Filipinos to thrive within their neighborhoods, whether through convenient shopping experiences at SM Supermalls, quality living in SMDC homes, or fulfilling work environments in our office properties. We believe that individual success fuels community prosperity, creating opportunities, and driving the nation’s growth for many years to come.”
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