SM Prime reports 11% net income growth to ₱11.7B

SM Prime Holdings, Inc., one of Southeast Asia's largest property developers, reported a strong first quarter performance with an 11% growth in net income to ₱11.7 billion and total revenues increasing by seven percent to ₱32.8 billion.

The company highlighted robust revenue growth across all business segments, particularly noting that malls contributed 69 percent to overall earnings with a 13% income growth to P8.1 billion.

Residential sales remained resilient despite oversupply concerns in Metro Manila, with most ready-for-occupancy units sold out; office and warehouse, and hotels and convention centers also saw significant gains of four percent and seventeen percent respectively.

SM Prime's board approved a regular cash dividend of ₱0.48 per share plus an additional five percent special dividend, totaling approximately ₱13.86 billion to be paid on May 25, 2025, with dividends payable to shareholders of record as of May 14.

Despite external uncertainties, SM Prime President Jeffrey C. Lim expressed confidence in sustaining strong performance for the remainder of the year based on planned developments over the next nine months.