SM Prime Holdings Inc. looks to open malls in La Union, Zamboanga, Laoag City, and Santa Rosa, Laguna next year.
Jeffrey Lim, SM Prime president, in an interview last week said these new sites will expand the company’s network from the current 87.
Lim said SM Prime hopes to continue riding on its growth momentum as it expects 2024 to be a “banner year” following 2023’s record results.
“Last year was the highest after pandemic. This year will probably be a banner year,” said Lim, adding this will coincide with the company’s 30th year of operation.
Lim said SM Prime has been on a good run in the first two quarters of the year, posting a P22.1 billion in profit over P64.7 billion in revenues for the first half. The figures are a 13 percent increase in bottomline from P19.4 billion and an 8 percent uptick on the topline from P59.9 billion last year.
“We’re on target so looking forward, I don’t see any major issue,” he said.
Lim said SM Prime is looking at a possible P100 billion to P110 billion as capital spending to further grow its business.
“That’s more of a guide,” he said.
For the year, SM Prime calendared a P100- billion spending while looking to open four new malls.
The company last month opened its SM City J Mall in Mandaue City, Cebu, its fourth mall in Metro Cebu.
It is SM Prime’s eighth’s mall in whole of Visayas and 87th nationwide.
