SM Prime nets P12.8 billion in Q3 2025

SM Prime Holdings Inc. on Monday reported an 8% growth in its third-quarter net income, driven largely by the higher contributions of its mall and convention center segments during the period.

SM Prime said its third-quarter net income grew to P12.8 billion, bringing its nine-month bottom line up 10% to P37.2 billion from P33.9 billion in the same period of 2024.

Total year-to-date revenues grew 4% to P103.4 billion, with mall revenues up 7% to P61.0 billion to account for 59% of consolidated revenues as the developer recorded additional leasable space and tenants.

“Our malls remain strong actors for growth. Their performance was driven by regional expansion, the upgrading of flagship malls, and the introduction of more experiential retail and dining concepts,” SM Prime president Jeffrey Lim said.

The residential segment contributed P32.6 billion in revenues, down 2% from P33.1 billion last year due to slower revenue recognition from mid-segment developments, contributing some 31% to total revenues.

The hotels and convention centers segment posted the biggest growth at 9% to P6.0 billion, as the company saw higher meetings, incentives, conferences, and exhibitions (MICE) bookings, contributing nearly 6% to the top line.

Offices and warehouses posted a steady P4.0 billion to reflect temporary tenant relocations amid renovation works in two warehouses, representing nearly 4% of total revenues.

“The residential and office segments were tempered by macroeconomic conditions, but recovery initiatives are underway,” Lim said.

SM Prime earlier set a P100-billion spending program this year, with the largest share going to integrated property developments under its residential business and mall operations.

The company’s subsidiaries include SM Residences (the umbrella residential arm segment of SMDC, SM Signature Series, and SM Leisure Resort Residences), SM Supermalls, SM Hotels and Convention Centers, and SM Offices. — Jon Viktor D. Cabuenas/BM, GMA Integrated News