SM PRIME Holdings, Inc. said it will expand its renewable energy initiatives and climate-resilient infrastructure following its continued inclusion in the FTSE4Good Index Series.
“As we build on our ESG (environmental, social, and governance) momentum, we remain focused on scaling our renewable energy program, advancing climate-resilient infrastructure and deepening engagement with our stakeholders to future-proof our portfolio and support broader sustainability goals,” SM Prime President Jeffrey C. Lim said in a stock exchange disclosure on Thursday.
The FTSE4Good Index Series is a semi-annually reviewed index by global index and data provider FTSE Russell, a unit of the London Stock Exchange Group that periodically distributes stock market indices.
The index series assesses and measures the performance of companies demonstrating strong ESG practices.
Companies are evaluated on corporate governance, health and safety, anti-corruption, and climate change. Businesses included in the FTSE4Good Index Series meet a variety of environmental, social, and governance criteria.
“Our continued inclusion in FTSE4Good reinforces the strength of our ESG fundamentals and validates sustainability as a core pillar of long-term value creation for the SM property group,” Mr. Lim said.
The listed real estate developer said its presence in the FTSE4Good Index is aligned with its sustainability efforts as well as global ESG benchmarks.
To date, the company has ramped up the utilization and deployment of renewables, with at least 48 of its malls and properties having solar rooftop systems installed.
For instance, its latest project at SM City Fairview has a 3.785-megawatt-peak (MWp) system, which is expected to generate around 5,960 megawatt-hours per year and help reduce 4,133 tons of carbon dioxide emissions.
For the second quarter, SM Prime’s net income rose by 10% to P12.8 billion, bringing first-half earnings to P24.5 billion, up 11% from a year earlier, on the back of higher rental income, real estate sales, and ancillary revenues.
At the stock exchange on Thursday, shares in the company closed 25 centavos, or 1.05% lower, at P23.65 apiece. — Ashley Erika O. Jose
