Philippine property developer SM Prime has reported a US$397.8 million (Php22.1 billion) consolidated net income in this year’s first half, 13 per cent higher than $348.6 million (Php19.4 billion) last year.

This growth is attributed primarily to its mall business, SM Malls, which accounts for more than half of its revenues (58 per cent), with mall rentals jumping by 9 per cent to $576 million (Php32 billion), versus $529.2 million (Php29.4 billion) in last year’s first half.

In addition, total mall revenues reached $675 million (Php37.5 billion) in the first half of this year.

Meanwhile, SM Prime’s primary residential business unit, which accounts for 29 per cent of its revenues, registered $180 million (Php 10 billion); office business units reported $63 million (Php3.5 billion); and hotels and convention centre units reported $61.2 million (Php3.4 billion) in revenues.

Jeffrey Lim, president of SM Prime, said the company will continue to expand its core businesses across the country in the coming years.

“SM Prime’s growth in the first half of 2024 remains steady as we realise value from our past expansion projects across our business portfolio,” he concluded.