SM PRIME Holdings Inc. (SM Prime) posted a P40 billion consolidated net income in 2023, 33 percent higher than P30.1 billion in 2022.
The company’s consolidated revenues stood at P128.1 billion, 21 percent greater than last year’s P105.8 billion. Consolidated operating income grew by 24 percent to P61.3 billion from P49.2 billion.
SM Prime’s mall business accounts for 56 percent of the company’s consolidated revenues and posted a 30 percent growth in revenues to P71.9 billion in 2023.
The residential business group, led by SMDC, recorded an eight percent growth in revenues to P43.1 billion in 2023 from P40.1 billion in 2022. SM Prime’s other key businesses, which include offices, hotels and convention centers, reported P13.1 billion in revenues in 2023, a 26 percent increase from P10.3 billion in 2022.
The company’s office unit posted P6.8 billion in revenues, while the hotels and convention centers unit reached P6.3 billion in 2023. SM Prime is looking at P100 billion for its capital expenditure program for 2024.