(February 17, 2025, Pasay City, Philippines) – SM Prime Holdings, Inc. (SM Prime), one of the leading integrated property developers in Southeast Asia, reported its highest-ever consolidated net income of P45.6 billion in 2024, up 14% from P40 billion in 2023. The double-digit improvement was driven by higher contributions from all its business segments.

Consolidated revenues during the same period rose 10% to an all-time high of P140.4 billion from P128.1 billion due to higher rental income, real estate sales and revenues from services and experiential offerings.

Malls accounted for 55% of revenues, followed by residences at 34%, hotels and convention centers at 6%, and offices and warehouses at 5%.

“The results we achieved in 2024 provide a solid foundation for future growth. We have several key projects in development that we expect will benefit from this positive momentum,” said SM Prime president Jeffrey C. Lim.

SM Prime capped off 2024 with impressive results, delivering its highest-ever fourth-quarter revenues and net income.  Consolidated revenues grew 14% year-on-year from P35.5 billion to P40.6 billion, while net income accelerated 19% from P9.9 billion to P11.8 billion.

Strong holiday spending, the opening of two new malls, increased real estate sales and blockbuster film releases led to the outstanding results.

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For further information, please contact:

John Nai Peng C. Ong
Chief Finance Officer
SM Prime Holdings, Inc.
E-mail: [email protected]
Tel. no.: 8831.1000 loc. 7886

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.