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SM Prime's Net Income Up by 33% in FY2023




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SM Prime Holdings, Inc. (SM Prime), one of the leading integrated property developers in Southeast Asia, posted a PHP40.0 billion consolidated net income in 2023, 33% higher than PHP30.1 billion in 2022. The Company's consolidated revenues is PHP128.1 billion, 21% greater than last year's PHP105.8 billion. Consolidated operating income grew by 24% to PHP61.3 billion from PHP49.2 billion.

"The favorable result we achieved in 2023 reflects the strong support and trust from our tenants and customers despite the economic challenges encountered in 2023. We continue to see this growth momentum this year as we pursue our expansion plans in our key businesses, and explore new opportunities to expand our businesses," SM Prime President Jeffrey Lim said.

SM Prime's mall business accounts for 56% of the Company's consolidated revenues, and posted a 30% growth in revenues to PHP71.9 billion in 2023 from PHP55.4 billion in 2022. The Company's mall rental income rose by 24% to PHP61.3 billion from PHP49.7 billion.

SM Prime's residential business group, led by SMDC, recorded an 8% growth in revenues to PHP43.1 billion in 2023 from PHP40.1 billion in 2022. Residential group's gross profit rose by 15% to PHP25.4 billion in 2023 from PHP22.1 billion in 2022. Reservation sales stood at PHP102 billion in 2023. This translates to more than 21,000 residential units sold in 2023.

SM Prime's other key businesses, which include offices, hotels, and convention centers, reported PHP13.1 billion in revenues in 2023, a 26% increase from PHP10.3 billion in 2022. The Company's office unit posted PHP6.8 billion in revenues, while hotels and convention centers unit reached PHP6.3 billion in 2023.

SM Prime is looking at PHP100 billion for its capital expenditure program for 2024.

SM Prime remains committed to its role as a catalyst for economic growth, delivering innovative and sustainable lifestyle cities, thereby enriching the quality of life of millions of people.

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