SM Prime Holdings (SMPH) Q3 2024 earnings summary

Executive summary

• Market capitalization reached US$13.79bn (PHP805.73bn) as of November 2024, with 28,879mn outstanding shares and a last traded price of Php27.90 per share.

• Recognized as a leading integrated property developer in Southeast Asia, with excellence in governance, property development, and sustainability.

• Consolidated net income rose 12% year-over-year to PHP33.88bn for 9M2024, driven by higher revenues across all segments.

• Revenues increased 8% to PHP99.76bn, with growth in rent, real estate sales, and other revenues.

• EBITDA grew 8% to PHP58.12bn, maintaining a 58% margin.

Financial highlights

• Consolidated net income grew 12% year-over-year to PHP33.88bn for 9M2024; 3Q2024 net income up 11% to PHP11.81bn.

• Consolidated revenues rose 8% year-over-year to PHP99.76bn for 9M2024; 3Q2024 revenues up 7% to PHP35.08bn.

• EBITDA for 9M2024 reached PHP58.12bn, up 8% from PHP53.93bn in 9M2023.

• Rent revenues up 9% to PHP57.24bn, mainly from malls (85%) and offices/hotels (15%).

• Real estate sales rose 7% to PHP31.80bn, supported by strong project take-up and construction progress.

Outlook and guidance

• CAPEX for FY2024 projected at PHP100bn, with a similar range for FY2025.

• Landbank of 2,374 hectares supports growth for the next 5–7 years, focusing on expansion in emerging cities.

• Funding for CAPEX to come from internal funds and external borrowings, with continued pursuit of acquisitions and investments.

• Continued focus on mall expansions, new projects, and land banking for future growth.