SM Prime celebrates 30th anniversary with record income and investment of P100 billion by 2024

SM Prime Holdings, Inc. (SMPH), the leading integrated real estate developer in the Philippines, celebrates its 30th anniversary as a publicly traded company with the announcement of the highest ever recorded income and an investment of ₱100 billion for its partners and stakeholders, and the communities in which they operate. With an eye on the future, SM Prime reaffirms its position as a catalyst for economic development and community progress.

Record-breaking performance

At its annual shareholder meeting on April 23, 2024, SM Prime announced its highest-ever income, with consolidated net income of ₱40 billion, up 33% from 2022. Moreover, the company’s revenues rose 21% and soared . to ₱128.1 billion, a remarkable growth from the previous year. Consolidated operating income also saw significant growth, up 24% to ₱61.3 billion.

The excellent performance can be attributed to SM Prime’s retail business, which accounted for 56% of consolidated revenue and grew 30% to ₱71.9 billion in 2023. This growth was boosted by a 24% increase in the rental income from the malls, which amounted to ₱61.3 billion. Additionally, the opening of four new malls in 2023 expanded SM’s retail presence to 85 malls in the Philippines and 8 malls in China.

Meanwhile, SM Prime’s residential business group, led by SM Development Corp. (SMDC), sales growth of 8% to ₱43.1 billion in 2023. The residential group’s gross profit rose 15% to ₱25.4 billion, with sales remaining on reservation. at ₱102 billion.

In addition to its retail and residential businesses, SM Prime’s other key segments consisting of offices, hotels and convention centers contributed 10% to consolidated revenue, reporting revenues of ₱13.1 billion in 2023, a notable increase of 26% over compared to the previous year. .

Commitment to shared growth

At the heart of SM Prime’s success is its unwavering commitment to shared prosperity in every city where they have a presence. With a strategic capital investment of ₱100 billion by 2024, SM Prime aims to reinvest in its partners, stakeholders and communities.

SM Prime strives to continuously expand and develop new places for every Filipino to enjoy. 60% will be spent on improving the shopping centers, developing new housing under SMDC and building new hotels and convention centers. 40% will be focused on acquiring new properties and coastal developments to pave the way for modern, environmentally friendly urbanization.

Commitment to environmental sustainability and disaster resilience

SM Prime has always been committed to creating a sustainable future. SM Prime continues to work towards its goal of achieving net-zero carbon emissions by 2040, in line with the Ministry of Energy’s target of reaching 35% renewable energy share by 2030. Through partnerships with renewable energy suppliers and organizations such as the World Wildlife Fund for Nature (WWF), SM Prime strives to reduce its environmental footprint and advocate for sustainable practices in all areas of its operations.

SM Supermalls’ SM Cares and SMDC’s The Good Guys also remain actively involved in various community initiatives, such as conducting community disaster preparedness programs, providing support programs for seniors and persons with disabilities, and promoting job creation and entrepreneurship through national job fairs and MSME programs. Other initiatives include coastal cleanups, the donation of school buildings and fire trucks, and the organization of eco-camps for young people.

Jeffrey C. Lim, President of SM Prime Holdings, said: “At SM Prime, we don’t just build spaces; we cultivate lives of progress and shared growth. Our commitment lies in empowering Filipinos to thrive in their neighborhoods, whether it is convenient shopping experiences at SM Supermalls, quality living in SMDC homes or a fulfilling work environment in our office buildings. We believe that individual success drives community prosperity, creates opportunity and fuels the country’s growth for years to come.”

SM Prime remains committed to its role as a catalyst for economic growth and delivers innovative and sustainable lifestyle cities, enriching the quality of life for millions of people. For more information visit www.smprime.com.

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