SM Prime Holdings Inc. posted its highest ever consolidated net income of P45.6 billion in 2024, up 14 percent from P40 billion a year earlier.
The integrated property developer said in a statement posted on the website PSE Edge, the double-digit improvement was driven by higher contributions from all its business exposure.
Revenues grew 10 percent to P140.4 billion in 2024 from P128.1 billion in 2023, boosted by higher rental income, real estate sales and revenues from services and “experiential offerings.”
The company expects to capitalize on last year’s improved performance to provide a solid foundation for future growth, Jeffrey Lim, SM Prime president, said in the statement.
The property developer has several key projects in development that the company expects to benefit from this positive momentum, Lim added.
“Malls accounted for 55 percent of revenues, followed by residences at 34 percent, hotels and convention centers at 6 percent, and offices and warehouses at 5 percent,” the company said.
SM Prime capped off 2024 also with its highest-ever fourth-quarter revenues and net income, according to Lim.
In October to December 2024, SM Prime registered P11.8 billion in profits, up 19 percent from P9.9 billion a year earlier. Revenues reached P40.6 billion, a 14 percent increase from P35.5 billion.
“Strong holiday spending, the opening of two new malls, increased real estate sales and blockbuster film releases led to the outstanding results,” the company said.
The company announced earlier it was selling bonds to fund its development projects and renovate its hotels this year.
Its P25 billion bond sale, which began on February 12, is closing on Tuesday, February 18.
The company earlier said its three-year issue maturing in 2028 carries a coupon rate of 6.0282 percent, while the six-year bonds falling due in 2031 has 6.2113 percent, and the 10-year issue due 2025 has 6.4784 percent. The bonds’ issue date is Feb. 25, 2025.
The IOU is part of the company’s P100 billion shelf-registered debt securities program approved by the Securities and Exchange Commission in June last year.
