SY-LED property developer SM Prime Holdings, Inc. (SM Prime) posted an 8% year-on-year increase in third-quarter (Q3) net income to P12.8 billion from P11.8 billion in the identical period last yr, lifted by contributions from its mall and hotel and convention center businesses.
“I feel we must always still find a way to grow our Q4 numbers, even though it won’t be the identical level as what we’ve seen up to now resulting from slower economic growth within the Philippines,” SM Prime President Jeffrey C. Lim said during a briefing on Monday.
“Our malls remain strong anchors for growth,” he added. “Their performance was driven by regional expansion, the upgrading of flagship malls, and the introduction of more experiential retail and dining concepts.”
Total revenues for Q3 weren’t disclosed within the press release, and the corporate has yet to release its full quarterly report.
For the primary nine months of 2025, SM Prime’s net income grew 10% to P37.2 billion from P33.9 billion a yr earlier, with total revenues rising 4% to P103.4 billion from P99.8 billion.
Malls accounted for 59% of consolidated revenues, posting 7% growth to P61 billion resulting from additional tenants and leasable space.
“The residential and office segments were tempered by macroeconomic conditions, but recovery initiatives are underway,” Mr. Lim said.
The residential segment, covering each core and leisure projects, contributed P32.6 billion, down 2% from P33.1 billion.
SM Prime currently has 26,000 residential units, split roughly evenly between high-rise and mid-rise buildings, Chief Financial Officer John Nai Peng C. Ong said.
Hotels and convention centers rose 9% to P6 billion, nearly 6% of total revenues.
Revenues from offices and warehouses remained regular at P4 billion, roughly 4% of the full.
“Hopefully, the federal government will begin to work on improving economic growth moving forward, and we expect that SM Prime will find a way to satisfy its objective for the full-year of 2025,” Mr. Lim said. The corporate stays on the right track to satisfy or exceed its P45-billion full-year 2024 net income, he added.
SM Supermalls President Steven T. Tan noted that phase 4 of SM City Xiamen’s redevelopment is ready for completion in early 2026, while SM City Xiamen Haicang is currently 90% occupied.
Capital expenditures in the primary nine months totaled P59.3 billion, up 11% from the previous yr, largely directed toward ongoing mall and residential projects, with the rest allocated to estate, hotel, and convention center developments.
SM Prime ended September with a net debt-to-equity ratio of 46:54 and an interest coverage ratio of seven.1x. Total assets reached P1.08 trillion, with investment properties representing 60% of the full, while money and money equivalents stood at P33.2 billion.
On the local bourse on Monday, SM Prime shares fell 1.45% or P0.30 to shut at P20.40 apiece. — Beatriz Marie D. Cruz