SM Prime posts steady Q1 income of P11.66B, driven by mall rentals

Business | Marketing Posted on 2026-04-29 01:32:48

MANILA — SM Prime Holdings reported a steady net income of PHP11.66 billion for the first quarter of 2026, slightly up from PHP11.65 billion in the same period last year, supported by stronger rental revenues from its mall operations.

In its disclosure to the Philippine Stock Exchange, the company said total revenues grew by 2 percent to PHP33.3 billion from PHP32.8 billion a year ago.

Rental income rose 8 percent to PHP21.6 billion, driven by improved occupancy in malls and office spaces. Other revenues also increased by 11 percent to PHP3.9 billion, boosted by higher earnings from ticket sales, food and beverage, and experiential offerings.

However, revenues from the real estate segment dropped 16 percent to PHP7.8 billion from PHP9.2 billion.

Total costs and expenses went up by 3 percent to PHP16.6 billion due to higher depreciation and amortization, along with increased fixed overhead costs.

During a briefing in Pasay City, SM Prime President Jeffrey Lim said the company continues to rely on recurring income streams to maintain its performance this year.

He noted that while the residential segment weighed on first-quarter results, the malls business remained resilient and is expected to continue driving growth in the coming quarters.

Lim added that the company’s previously announced PHP100-billion capital expenditure plan for 2026 is still under review, as some projects may be delayed or rescheduled due to ongoing reassessments.

NPO News Team | PNA - PR

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