SM Prime reports record ₱45.6B net income for 2024

Real estate giant SM Prime Holdings Inc. reported a record-breaking net income of ₱45.6 billion for 2024, marking a 14 percent increase from the previous year.

The company's consolidated revenues grew by 10 percent to reach an all-time high of ₱140.4 billion, driven by higher rental income and real estate sales, with malls contributing 55% of revenues.

SM Prime president Jeffrey Lim attributed the positive results to strong performance across its business segments, including malls, residences, hotels, and convention centers, highlighting the impact of strong holiday spending, the opening of two new malls, and blockbuster film releases.

The company expects to allocate up to ₱33 billion for capital expenditures in 2025 to expand its recurring income portfolio, with a focus on mall expansions and office developments.

Lim expressed optimism about upcoming key projects that are expected to benefit from the sustained recovery of consumer demand and government forecasts of over six percent growth.