SM Prime Holdings Inc. grew its profit in the first half of the year by 38 percent to P19.4 billion from P14.1 billion in 2022.
Revenue rose by 29 percent to P59.9 billion from P46.3 billion last year.
“The strong performance of SM Prime’s main business units in the first half of 2023, led by its malls and primary residences, amplifies its commitment to be a driver of growth in the local property industry. We will continue to be strategic in expanding our footprints and operations across different localities where we can continue to be partners for growth and progress,” said Jeffrey Lim, SM Prime president.
Lim said SM Prime’s Philippine mall business revenues surged 53 percent to P31.5 billion from P20.6 billion in 2022. “This accounts for 53 percent of the company’s consolidated revenues,” he added.
Rent income jumped by 42 percent to P26.3 billion from P18.6 billion, as improvement in tenant sales and foot traffic continues.
SM Prime said local cinema ticket sales and other revenues improved by 156 percent to P5.2 billion from P2 billion in 2022.
Meanwhile, SM Prime’s China mall business posted RMB398 million in revenues, up from last year’s RMB385 million.
The company’s residential business led by SM Development Corp. posted first semester revenues of P17.6 billion. Reservation sales grew by 15 percent to P68.5 billion from last year’s P59.4 billion.
“This translates to a 17 percent growth in unit sales in the first half. The improving market condition provided local and overseas Filipino buyers capacity to invest in SM Prime’s residential projects,” the company said.
