SM Prime nets P10.7B in Q3

Sy-led property developer SM Prime Holdings Inc. on Monday reported a 35% growth in its bottom line for the third quarter of the year, on the back of the double-digit climb in its revenues during the period.

In an emailed statement, SM Prime said its third-quarter consolidated net income grew to P10.7 billion from P7.9 billion, and consolidated revenues rose by 20% to P32.7 billion. Consolidated operating income climbed 17% to P15.6 billion.

“Our strategic operations over the past months provided us remarkable results this quarter, which we expect to lead us to a stronger full-year performance,” SM Prime president Jeffrey Lim said.

“I would like to thank our customers and partners for their continued support that aim to deliver convenience and comfort to everyone,” he added.

The latest figures brought the company’s nine-month net income up 37% to P30.1 billion from P22.0 billion in 2022, as consolidated revenues increased by 26% to P92.6 billion. Consolidated operating income rose 29% to P44.5 billion.

The company earmarked P80 billion for its spending program this year, with bulk going to its mall and primary residences business.

SM Prime ended 2022 with 82 malls in the Philippines, and seven shopping malls in China in the cities of Xiamen, Jinjiang, Chengdu, Zibo, Chongqing, Tianjin, and Suzhou. It also had 64 residential projects, 18 office buildings, nine hotels, six convention centers, and two trade halls.

Its subsidiaries include SM Development Corp., Costa del Hamilo Inc., Tagaytay Resort Development Corp., SM Arena Complex Corp., SM Hotels and Conventions Corp., and SM Land (China) Limited.—AOL, GMA Integrated News