Shang Properties earnings rises 6% to P 2.2B

MANILA, Philippines — Kuok-led Shang Properties Inc. posted a 5.9-percent increase in consolidated net income in the first half of 2026, driven by stronger condominium sales, steady leasing revenues and higher contributions from its core property businesses.

In its quarterly report, the property developer said consolidated net income for the six months ended June 30 reached P2.2 billion, up from P2.1 billion in the same period last year.

READ: A preview of the Shang Summit lifestyle

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Earnings attributable to shareholders of the parent likewise increased to P1.87 billion from P1.76 billion, translating to basic earnings per share of P0.39 from P0.37 previously.

Consolidated revenues climbed 11.3 percent to P5.92 billion from P5.32 billion a year earlier, led by a 37.6-percent jump in condominium sales to P1.72 billion as project construction progressed.

Rental and cinema revenues also rose to P1.82 billion from P1.74 billion, while hotel operations contributed P2.38 billion, slightly higher than last year’s P2.34 billion.

The higher revenues helped lift gross profit by 8.7 percent to P3.58 billion, although operating expenses also increased to P1.77 billion from P1.62 billion due mainly to higher general and administrative expenses, taxes, licenses and fees.

By business segment, leasing remained the largest earnings contributor, generating P2.68 billion in net income, followed by hotel operations with P1.18 billion.

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The company also continued to advance its residential developments. As of end-June, Laya by Shang was 42-percent complete, Shang Summit reached 24 percent, while Shang Bauhinia Residences in Cebu was 19-percent complete.

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Construction also continued for One Shang Central, which is being developed as an investment property for future leasing.

Shang Properties ended the first half with P97.25 billion in total assets and P61.23 billion in total equity.

Cash and cash equivalents stood at P2.48 billion, while total bank loans amounted to about P18.1 billion, including current and long-term borrowings. INQ