SM Prime raises cash dividend by 47% to ₱10 B

SM Prime Holdings, Inc., one of the largest integrated developers in Southeast Asia, reported that its Board of Directors has approved the declaration of cash dividends amounting to P10 billion. In a disclosure to the Philippine Stock Exchange, the firm said the dividend is equivalent to P0.346 per share and all stockholders of record as of May 8, 2024 will be entitled to receive it on or before May 22, 2024.

During the company’s Annual Stockholders’ Meeting, the company said the declared total amount is 47 percent higher than the P6.8 billion that was declared in 2023.

SM Prime President Jeffrey C. Lim said the company will continue its expansion program in its key business units and provide the Company a stronger presence in major areas across the country.

The company is looking at P100 billion capital expenditure this year, 25 percent more than the P8 billion spent in 2023, to support various programs. Of this amount, about ₱20 billion is for this year’s budget for the ongoing reclamation project that will cost a total of $2.5 billion to $3 billion.

SM Prime is scheduled to open four new malls in the Philippines this year, which will provide more than 400,000 square meters (sqm) of gross floor area (GFA). We aim to launch 8,000 to 10,000 residential units for our residential business.