SM Prime Hits Record P24.5B Profit in H1

SM Prime Holdings Inc., the integrated property development arm of the Sy family's SM Group, sees an even better performance in the second half after delivering record-high earnings in the first half on the back of higher rental income, real estate sales and ancillary revenues.

- By Richmond Mercurio

SM Prime registered net income of P24.5 billion from January to June, up by 11 percent from P22.1 billion in the same period in 2024.

"Our results underscore the resilience of our businesses and the strength of our diversified portfolio," SM Prime president Jeffrey Lim said.

Malls contributed the largest share of earnings at 69 percent, amounting to P17 billion, up by 14 percent as a result of new openings, higher foot traffic and strong occupancy.

The residential segment followed, accounting for 21 percent of total earnings.

Income from residential projects improved by two percent to P5.1 billion, supported by revenue recognition from completed units and prior-year sales.

SM Prime's office and warehouse segment contributed seven percent, with earnings increasing by nine percent to P1.7 billion due to improved warehouse occupancy.