SM Prime Holdings Inc. (SMPH), the leading integrated property developer in the Philippines, marked its 30th anniversary as a publicly listed company, with the announcement of its highest-ever recorded income and a P100 billion investment for its partners, stakeholders, and communities they operate in.
With eyes set on the future, SM Prime reaffirmed its position as a catalyst for economic development and community advancement.
Record-Breaking Performance
During the annual stockholders meeting April 23, SM Prime announced its highest-ever recorded income, reaching P40 billion in consolidated net income, or a 33 percent increase from 2022.
The company’s revenues surged by 21 percent, to P128.1 billion, a notable growth from the previous year, while consolidated operating income also saw significant growth at 24 percent, to P61.3 billion.
The outstanding performance can be attributed to SM Prime’s mall business, driving 56 percent of consolidated revenues and a 30 percent growth to P71.9 billion in 2023. This growth was bolstered by a 24 percent increase in mall rental income, amounting to P61.3 billion.
The opening of four new malls in 2023 also expanded SM’s retail presence to 85 malls in the Philippines, and eight malls in China.
SM Prime’s residential business group, led by SM Development Corporation (SMDC), recorded an eight percent growth in revenues to P43.1 billion in 2023. The residential group’s gross profit rose by 15 percent to P25.4 billion, with reservation sales at P102 billion.
SM Prime’s other key segments, comprising offices, hotels, and convention centers, also contributed 10 percent of consolidated revenues, reported P13.1 billion in revenues in 2023, or a 26 percent increase from the previous year.
Commitment to Shared Growth
At the core of SM Prime’s success is its unwavering commitment to shared prosperity in every city where they are present. With a strategic P100 billion investment capital expenditure in 2024, SM Prime aims 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, develop new residential properties under SMDC, and construct new hotels and convention centers, while 40 percent will be directed towards acquiring new properties and coastal developments to pave the way for modern, eco-friendly urbanization.
Commitment to Environmental Sustainability and Disaster Resilience
SM Prime has always been committed towards creating a sustainable future. It 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 percent renewable energy share by 2030. Through partnerships with renewable energy suppliers and organizations, like the World Wildlife Fund for Nature, 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.
Jeffrey Lim, president of SM Prime Holdings, shared, “At SM Prime, we’re not just building spaces; we’re cultivating lifetimes of progress and shared growth. 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.”
SM Prime remains committed to its role as a catalyst for economic growth, delivering innovative and sustainable lifestyle cities, thereby enriching the quality of life of millions of people. For more information, visit www.smprime.com. ||
