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SM Prime marks 30th anniversary with record-breaking income, earmarks P100B investment for 2024

TARLAKENYO (April 24, 2024) — SM Prime Holdings, Inc. (SMPH), the leading integrated property developer in the Philippines, marks its 30th anniversary as a publicly listed company with the announcement of its highest-ever recorded income and a ₱100 billion investment for its partners, stakeholders, and communities they operate in.

Record-Breaking Performance
During the Annual Stockholders Meeting held on April 23, 2024, SM Prime announced its highest-ever recorded income, reaching PHP40 billion in consolidated net income, marking a 33% increase from 2022. The outstanding performance can be attributed to SM Prime’s mall business, driving 56% of consolidated revenues and a 30% growth to PHP71.9 billion in 2023. Meanwhile, SM Prime’s residential business group, led by SM Development Corporation (SMDC), recorded an 8% growth in revenues to PHP43.1 billion in 2023. In addition to its mall and residential businesses, SM Prime’s other key segments, comprising offices, hotels, and convention centers, contributed 10% of consolidated revenues, and reported PHP13.1 billion in revenues in 2023, marking a remarkable 26% increase from the previous year.

Commitment to Shared Growth
SM Prime aims to continuously expand and develop new places for every Filipino to enjoy. 60% will be dedicated to enhancing its malls, development of new residential properties under SMDC, and construction of new hotels and convention centers. 40% will be directed towards acquiring new properties and coastal developments to pave the way for modern, eco-friendly urbanization.

Commitment to Environmental Sustainability and Disaster Resilience
SM Prime continues to work towards its goal of achieving Net Zero carbon emissions by 2040, aligning with the Department of Energy’s target of reaching a 35% renewable energy share by 2030. Through partnerships with renewable energy suppliers and organizations like the World Wildlife Fund for Nature (WWF), SM Prime endeavors to reduce its environmental footprint and advocate for sustainable practices in all areas of its operations.

Jeffrey C. Lim, President of SM Prime Holdings shared, “At SM Prime, we’re not just building spaces; we’re cultivating lifetimes of progress and shared growth.”

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. For more information, visit www.smprime.com.

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