(19 February 2024, Pasay City, Philippines) 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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For further information, please contact: Alexander Pomento Vice President, Investor Relations SM Prime Holdings, Inc. E-mail: [email protected] Tel. no.: +632 8862 7940
Forward-looking Statement This document may contain forward-looking statements and forward-looking information that are subject to significant risks and uncertainties including, without limitation, statements relating to known and unknown risks; uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from expected future results; performance or achievements expressed or implied by forward-looking statements; our overall future business, financial condition, and results of operations, including, but not limited to financial position or cash flow; our goals for or estimates of future operational performance or results; and changes in the regulatory environment including, but not limited to, policies, decisions, and determinations of governmental or regulatory authorities. Although: (1) SM Prime Holdings, Inc. has extensive experience; and (2) the forward-looking statements may be reasonable, nothing herein should be relied upon as a commitment from SM Prime Holdings, Inc. as we cannot guarantee future events, performance or events due to various risks and uncertainties. |