SM Prime Holdings Inc. (SM Prime) said it is looking at a capital expenditure of P100 billion I this year as it sees continued growth momentum moving forward.
SM Prime reported that profit last year hit P40 billion, up 33 percent from the prior year’s P30.1 billion.
Revenues amounted to P128.1 billion, a 21 percent increase from the prior year’s P105.8 billion.
“The favorable result we achieved in 2023 reflects the strong support and trust from our tenants and customers despite the economic challenges encountered in 2023. We continue to see this growth momentum this year as we pursue our expansion plans in our key businesses, and explore new opportunities to expand our businesses,” said Jeffrey Lim, SM Prime president.
SM Prime’s mall business accounted for 56 percent of revenues at P71.9 billion. This is up 30 percent from P55.4 billion the previous year.
Mall rents hit P61.3 billion, up 24 percent from P49.7 billion in 2022.
SM Prime’s residential business, led by SMDC, posted P43.1 billion in revenues, an 8 percent increase from P40.1 billion in 2022. Reservation sales were at P102 billion.
“This translates to more than 21,000 residential units sold in 2023,” the company said in a statement.
SM Prime’s other key businesses, which include offices, hotels, and convention centers, reported a P13.1 billion in revenues, up 26 percent from P10.3 billion.
The office unit posted P6.8 billion in revenues, while hotels and convention centers unit reported revenues of P6.3 billion.
