SM Prime’s (L-R): Assistant Corporate Secretary Arthur Sy, Corporate Secretary Atty. Elmer Serrano, Chief Finance Officer and Chief Compliance Officer John Nai Peng Ong, President Jeffrey Lim, Independent Director Atty. Darlene Marie Berberabe, Chairman of the Board Henry Sy Jr., Vice Chairman and Lead Independent Director Amando Tetangco Jr., Non-Executive Director Herbert Sy, Chairman of the Executive Committee Hans Sy, and Non-Executive Director Jorge Mendiola

SM Prime Holdings, Inc. (SMPH), the Philippines’ leading integrated property developer, reported during its Annual Stockholders Meeting on April 23, its exceptional financial performance, marking its 30th anniversary as a publicly listed company. 

The company announced its highest-ever recorded income, demonstrating a remarkable surge in its financial metrics. 

In 2023, SM Prime achieved a consolidated net income of P40 billion, reflecting a substantial 33% increase from the previous year. Furthermore, the company’s revenues soared by 21%, reaching P128.1 billion, showcasing robust growth across its diverse portfolio. The consolidated operating income also witnessed significant expansion, rising by 24% to P61.3 billion.

The outstanding performance was predominantly driven by SM Prime’s mall business, which accounted for 56% of consolidated revenues, amounting to P71.9 billion in 2023. This growth was fueled by a 24% increase in mall rental income, totaling P61.3 billion, supported by the opening of four new malls during the year, expanding SM’s retail presence to 85 malls in the Philippines and 8 malls in China.

SM Prime’s residential business group, spearheaded by SM Development Corporation (SMDC), also recorded an 8% growth in revenues, reaching P43.1 billion in 2023. The residential group’s gross profit surged by 15% to P25.4 billion, with reservation sales totaling P102 billion.

Apart from its mall and residential businesses, SM Prime’s other key segments, including offices, hotels, and convention centers, contributed 10% of consolidated revenues, generating P13.1 billion in revenues in 2023, marking a notable 26% increase from the previous year.

With eyes set on the future, SM Prime reaffirmed its commitment to catalyzing economic development and community advancement. To this end, the company announced a strategic ₱100 billion investment capital expenditure for 2024, aimed at reinvesting in its partners, stakeholders, and communities. Sixty percent of the investment will be allocated to enhancing its malls, developing new residential properties under SMDC, and constructing new hotels and convention centers. The remaining 40% will be directed towards acquiring new properties and coastal developments to facilitate modern, eco-friendly urbanization.

SM Prime also emphasized its dedication to environmental sustainability and disaster resilience. The company aims to achieve Net Zero carbon emissions by 2040, aligning with national targets set by the Department of Energy. Through collaborations with renewable energy suppliers and organizations like the World Wildlife Fund for Nature (WWF), SM Prime aims to reduce its environmental footprint and promote sustainable practices across its operations.

Meanwhile, SM Supermalls’ SM Cares and SMDC’s The Good Guys remain actively engaged in various community initiatives, including disaster preparedness programs, support programs for vulnerable groups, job generation initiatives, and environmental conservation efforts.

SM Prime Holdings President Jeffrey C. Lim,expressed the company’s commitment to fostering progress and shared growth within Filipino communities. 

“At SM Prime, we’re not just building spaces; we’re cultivating lifetimes of progress and shared growth. Our commitment lies in empowering Filipinos to thrive within their neighborhoods, whether through convenient shopping experiences at SM Supermalls, quality living in SMDC homes, or fulfilling work environments in our office properties,” he said.

SM Prime reaffirmed its dedication to serving as a catalyst for economic growth and enriching the quality of life for millions of people through innovative and sustainable lifestyle developments.