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. With eyes set on the future, SM Prime reaffirms its position as a catalyst for economic development and community advancement.
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. Additionally, the company’s revenues surged by 21%, soaring to PHP128.1 billion, a notable growth from the previous year. The consolidated operating income also saw significant growth, rising by 24% to PHP61.3 billion.
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. This growth was bolstered by a 24% increase in mall rental income, amounting to PHP61.3 billion. Moreover, the opening of four new malls in 2023 expanded SM’s retail presence to 85 malls in the Philippines and 8 malls in China.
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. The residential group’s gross profit rose by 15% to PHP25.4 billion, with reservation sales standing at PHP102 billion.
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, reported PHP13.1 billion in revenues in 2023, marking a remarkable 26% increase from the previous year.
Commitment to Shared Growth
At the core of SM Prime’s success is its unwavering commitment to shared prosperity in every city where they are present. With a strategic ₱100 billion investment capital expenditure in 2024, SM Prime aims to reinvest in its partners, stakeholders, and communities.
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 has always been committed towards creating a sustainable future. 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.
SM Supermalls’ SM Cares and SMDC’s The Good Guys also remain actively engaged in various community initiatives, such as conducting community disaster preparedness programs, providing support programs for senior citizens and persons with disabilities, and promoting job generation and entrepreneurship through nationwide job fairs and MSME programs. Other initiatives include coastal clean-ups, the donation of school buildings and fire trucks, and the organization of eco-camps for youth.
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. 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. We believe that individual success fuels community prosperity, creating opportunities, and driving the nation’s growth for many years to come.”
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 http://www.smprime.com.
Opinion:
In a grand celebration of three decades of unparalleled success, SM Prime, one of the leading integrated property developers in Southeast Asia, marked its 30th anniversary with a momentous announcement. The company revealed record-breaking income figures and unveiled plans for a PHP 100 billion investment in various projects slated for 2024.
At the heart of this milestone event stood a formidable assembly of leaders, including Chairman of the Board Henry Sy Jr., President Jeffrey Lim, and a host of esteemed directors and executives. Together, they symbolized the vision, determination, and unwavering commitment that have propelled SM Prime to the forefront of the industry.
The highlight of the anniversary festivities was undoubtedly the revelation of SM Prime’s financial achievements. Despite challenging economic conditions, the company reported unprecedented income levels, showcasing its resilience and agility in navigating turbulent waters. This remarkable feat not only solidifies SM Prime’s position as a market leader but also underscores its ability to thrive amidst adversity.
Furthermore, SM Prime set the stage for future growth and expansion with the announcement of a PHP 100 billion investment earmarked for 2024. This colossal investment reflects the company’s bold ambitions and unwavering confidence in the potential of its diverse portfolio of projects. From commercial developments to residential communities, the investment is poised to drive innovation, create jobs, and contribute to economic growth across the nation.
As SM Prime embarks on the next chapter of its journey, fueled by record-breaking success and a historic investment commitment, the company remains steadfast in its mission to shape the landscape of the future and create enduring value for generations to come.
#Edjun Mariposque
Changing Lives: Free Cleft Palate Services Offered by Pandemic Hero Foundation Inc.
As an organization that cares for the welfare of the people, we, Pandemic Hero Foundation Inc., are looking for people with cleft palate whom we will be helping with the help of our sponsored partners. This is a free service to offer for it is our heart that speaks from sharing our strong partnership with people and changing the way they live their lives – to what they deserve. This is not a business for personal gains, but more of reaching out and promoting a helping hand.
Pandemic Hero Foundation Inc.
Location: Purok Uno, Brgy. Lumil, Silang, Cavite.
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