Global-Estate Resorts, Inc. (GERI), the leisure development arm of Megaworld Corporation, reported a 40 percent jump in net income to P2.1 billion last year from the P1.5 billion earned in 2021.
In a disclosure to the Philippine Stock Exchange, the firm said its 2022 profit has overtaken its pre-pandemic net income level of P1.9 billion in 2019.
Boosted by the sustained recovery of all its core businesses, consolidated revenues grew by 47 percent to P7.3 billion in 2022 from the P5.0 billion registered in the previous year.
“We have finally grown our income past our pre-pandemic level as we successfully positioned our company and captured the growing demand in the tourism and leisure market,” said GERI President Monica T. Salomon.
She added that, “In 2023, we look to setting new records for GERI as we continue to expand our offerings in the market.”
Real estate sales surged 59 percent to P5.9 billion last year from P3.7 billion in 2021 as a result of higher construction completion.
Reservation sales increased by 9 percent to P18.8 billion during the year, with the last quarter hitting around P5.2 billion due to the strong demand for residential and commercial properties in Boracay Newcoast, Eastland Heights, Southwoods City, Twin Lakes, and Arden Botanical Estate.
Last year, GERI launched the first phase of its 38.8-hectare Prana Garden Villas, a luxury residential village inside the 340-hectare Sherwood Hills township in Trece Martires, Cavite, with a project value of P1.4 billion.
It also launched Caliraya Springs Residential Estates at The Hamptons Caliraya in Cavinti, Laguna, with a project value of P1.1 billion; The Lindgren Phase 3 at Arden Botanical Estate in Tanza, Cavite, with a project value of P2.8 billion; and Eastland Heights Phase 2H Village at Eastland Heights in Antipolo, Rizal, with a project value of P377 million.
Hotel revenues, on the other hand, almost tripled to P420.5 million last year from P146.0 million in 2021 driven by the pickup in mobility and the rise of tourist arrivals in the country.
Leasing revenues grew by 12 percent to P456.0 million in 2022 from P409.0 million in the previous year.
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The article was originally published in Manila Bulletin and written by James A. Loyola.
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