Megaworld Corporation, the country’s premier township developer, posted a 26 percent hike in consolidated net income to P19.4 billion last year as consolidated revenues rose by 17 percent to P69.7 billion.
In a disclosure to the Philippine Stock Exchange (PSE), the firm said its attributable net income grew faster at 29 percent to P17.3 billion last year from P13.5 billion in 2022.
Megaworld said its performance is underpinned by the company’s double-digit growth across all core businesses.
Megaworld parent company Alliance Global Group’s CEO Kevin L. Tan said, “2023 marked a pivotal moment for Megaworld as our financial milestones showcased our strategic agility and innovations in our product offerings. This proves our ability to adapt and thrive in changing times to reach new heights.”
Real estate sales grew by 16 percent to a record-breaking level of P42.7-billion, buoyed by strong bookings.
Reservation sales reached P139 billion, up 17 percent year-on-year, surpassing the P130 billion target set by the company early in 2023.
Last year, Megaworld continued to expand its township offerings, ensuring long-term revenue generation.
During the year, the company launched Baytown Palawan in Puerto Princesa City, overlooking the refreshing views of Puerto Princesa Bay.
The six-hectare development marks the 31st township of the Company and is set to bring the vibrant concept of Megaworld’s iconic Forbes Town development in Bonifacio Global City (BGC) to Puerto Princesa.
Megaworld launched new projects worth P72.6 billion in 2023, 61 percent more than the P45 billion in 2022 and higher than the company’s P60 billion target.
These include Positano Mactan at The Mactan Newtown in Cebu worth P2.2 billion and Paragua Sands Hotel at Paragua Coastown in San Vicente, Palawan worth P4.2 billion, among others.
Leasing revenues, on the other hand, also reached new record levels in 2023 as total revenues from Megaworld Lifestyle Malls and Megaworld Premier Offices climbed to P17.9 billion, up 14 percent year-on-year.
The increase was bannered by the 54 percent jump in mall revenues to P5.3 billion, fueled by the recovery in retail operations and tenant sales.
Office revenues, on the other hand, grew by a healthy three percent to P12.6 billion as the country’s office industry faced headwinds during the year.
Megaworld Hotels & Resorts continued its recovery in 2023, with revenues rising by 46 percent to P3.8 billion. This significant growth highlights the sector’s strong recovery post-pandemic and underscores Megaworld Hotels & Resorts’ effective strategies in hospitality.
The company’s hotel offerings successfully captured the increased local travel and MICE activities, improving overall occupancy and room rates, especially in Belmont Hotel Manila, Savoy Hotel Manila, and Twin Lakes Hotel in Tagaytay.
“Looking ahead, we are committed to continuing the momentum, focusing on sustainable and quality growth while expanding strategically to add more value for our Company and stakeholders,” said Tan.
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The article was originally published in Manila Bulletin and written by James A. Loyola.
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