MANILA -- SM Prime Holdings said its consolidated net income climbed 14 percent to P45.6 billion in 2024, up from the P40 billion it made in 2023.

The company also said consolidated revenues rose to a record P140.4 billion because of higher rental income and real estate sales.

SM Prime said malls accounted for 55 percent of revenues, followed by residences at 34 percent. Hotels and convention centers contributed 6 percent, while offices and warehouses accounted for 5 percent.

In the fourth quarter of last year alone, strong holiday spending, the opening of two new malls, increased real estate sales, and new film releases helped revenues spike, the firm said. 

SM Prime Holdings president Jeffrey Lim said they have upcoming projects that they hope to benefit from once these are operational. 

SM Prime earlier said it was investing up to P33 billion this year to expand its malls, hotels, and even office towers.

SM Prime sees economy getting boost from election spending; to invest P33-B in malls, hotels, offices this year

“The results we achieved in 2024 provide a solid foundation for future growth," he noted.

SM Prime booked a consolidated net income of P33.9 billion in the first three quarters of 2024, which was 12 percent higher than in the same period in 2023.

Four more SM malls to get solar power
SM Prime Holdings net income hits P22-B in first half, up 13 pct

RELATED STORY: