SM Prime Holdings Inc. reported an 8% rise in third-quarter net income on Monday, fueled by stronger mall and convention center performance.
The company’s Q3 net income reached P12.8 billion, bringing its nine-month net income to P37.2 billion, up 10% from P33.9 billion in 2024. Year-to-date revenues increased 4% to P103.4 billion, with mall revenues accounting for 59% of the total at P61.0 billion, boosted by additional leasable space and new tenants.
“Our malls remain strong actors for growth. Their performance was driven by regional expansion, the upgrading of flagship malls, and the introduction of more experiential retail and dining concepts,” said SM Prime president Jeffrey Lim.
The residential segment contributed P32.6 billion, down 2% from last year due to slower revenue recognition from mid-segment developments, making up 31% of total revenues.
Meanwhile, the hotels and convention centers segment grew 9% to P6.0 billion, driven by higher meetings, incentives, conferences, and exhibitions (MICE) bookings, contributing nearly 6% of total revenue. Offices and warehouses remained steady at P4.0 billion, about 4% of total revenues, amid temporary tenant relocations for renovations.
Lim added, “The residential and office segments were tempered by macroeconomic conditions, but recovery initiatives are underway.”
SM Prime has a P100-billion spending program for 2025, mainly for integrated property developments and mall operations. Its subsidiaries include SM Residences, SM Supermalls, SM Hotels and Convention Centers, and SM Offices.
