SM Prime Holdings Inc. said its profit for the first nine months of the year grew 37 percent to P30.1 billion from P22 billion last year.
“This is supported by P92.6 billion in consolidated revenues, a 26 percent growth from last year’s P73.7 billion,” the country’s largest retail space lessor said.
For the third quarter alone, profit hit P10.7 billion, up 35 percent, as revenues hit P32.7 billion, a 20 percent increase.
“Our strategic operations over the past months provided us remarkable results this quarter, which we expect to lead us to a stronger full-year performance. I would like to thank our customers and partners for their continued support that aim to deliver convenience and comfort to everyone,” said Jeffrey Lim, SM Prime president.
The group’s mall business hit P52.5 billion, up by 37 percent from P38.2 billion last year. Rental income hit P44.8 billion, up 29 percent from P34.7 billion.
The residential business, led by unit SM Development Corp. (SMDC) reported P11.1 billion in revenues, up 20 percent from P9.3 billion last year.
SMDC’s reservation sales hit P89.3 billion, up 6 percent higher from P83.9 billion.
SM Prime’s other key businesses, which include offices, hotels, and convention centers, generated P9.5 billion in revenues in the first nine months of 2023, a 33 percent growth from P7.2 billion in 2022.
The company’s office business segment posted P4.9 billion in revenues, 14 percent higher than last year, while the hotels and convention centers business segment’s revenues reached P4.6 billion, 64 percent higher.