SM Prime Holdings Inc., one of Southeast Asia’s largest integrated property developers, posted a net income of P11.9 billion in the first quarter of 2025, up 11 percent from P10.7 billion in the same period last year.
Attributable net income to equity holders likewise increased 11 percent, rising from P10.5 billion to P11.7 billion. The double-digit expansion was driven by steady revenue growth, margin improvement and disciplined cost management.
Total revenue rose 7 percent year-on-year from P30.7 billion to P32.8 billion due to higher rental income, revenue recognition from real estate sales and other revenues. EBITDA grew 12 percent from P18.1 billion to P20.2 billion, while operating income expanded 13 percent from P14.7 billion to P16.7 billion.
“Our portfolio is off to a strong and promising start this year,” said SM Prime President Jeffrey C. Lim. “Malls, offices, hotels and convention venues, and even residences, posted gains in the first quarter. This speaks to both the resilience of domestic demand and the strength of our integrated development strategy.”
Malls remained the largest contributor to overall profitability, accounting for 69 percent of earnings. The segment delivered P8.1 billion, up 13 percent from P7.2 billion a year earlier, because of increased foot traffic, high occupancy and growing interest in experiential offerings.
Residential earnings rose 4 percent to P2.1 billion from P2.0 billion, accounting for 18 percent of SM Prime’s net income for the quarter. The upturn was supported by higher revenue recognition from completed projects and prior-year sales.
The office and warehouse segment contributed 10% to total net income, with earnings rising 15 percent to P1.2 billion from P1.0 billion last year. Stronger occupancy and prudent cost management contributed to the improved performance.
Hotels and convention centers contributed 3% of total net income, posting a 17- percent increase to P362 million from P309 million last year, owing to strong room bookings and a robust calendar of MICE events.
“While external uncertainties persist, our focus remains on disciplined execution and staying the course,” Lim said. “We have a solid foundation, and we are confident in our capacity to generate long-term, sustainable value for our shareholders.”
SM PRIME PHOTO
