Township developer Megaworld Corporation reported a nine percent improvement in attributable net income to P8.55 billion in the first half of 2024 while net income grew 11 percent to P9.81 billion from the same period last year.
In a disclosure to the Philippine Stock Exchange (PSE), the firm said its consolidated revenues rose 22 percent year-on-year to P39.10 billion, highlighting the strong performance and resilience across the company’s diverse business segments.
Real estate business leads the company’s strong performance during the first half of the year with sales growing 30 percent to P24.82 billion from the same period last year.
This growth was driven by strong bookings and high demand for residential properties in various township developments, particularly in Taguig City, Cavite, Bulacan, Palawan, and Cebu.
During the second quarter of the year, the company launched P18 billion worth of residential projects in Northwin Global City in Bulacan, Newport City in Pasay City, The Mactan Newtown in Lapu-Lapu City, Cebu, Lialto Beach and Golf Estates in Lian, Batangas, and Baytown Palawan in Puerto Princesa, Palawan.
“We continue to see robust demand for our residential properties outside of Metro Manila. Before the year ends, we hope to launch more projects in the provinces as we remain on track to finish 2024 with 35 townships,” said Megaworld President Lourdes T. Gutierrez-Alfonso.
Revenues from Megaworld Hotels & Resorts jumped 38 percent to P2.36 billion during the period. The growth was driven by the resurgence of MICE (Meetings, Incentives, Conventions, Exhibitions) activities and local tourism.
Leasing revenues saw a six percent increase year-on-year to P9.33 billion during the first half of 2024.
Megaworld Lifestyle Malls saw revenues increase by 19 percent to P3.02 billion, driven by higher tenant sales and increased foot traffic while occupancy rates remained high at 93 percent as of end-June 2024.
There were several new store openings in various Megaworld Lifestyle Malls across the country covering about 17,400-square meters of space during the first half of the year. Among these was the second SuperPark in the Philippines located at Venice Grand Canal in McKinley Hill, Taguig City.
Revenues from Megaworld Premier Offices, on the other hand, remained stable at P6.31 billion despite the headwinds faced by the Philippine office industry.
During the first six months of the year, the company notched new leases of office spaces totaling about 55,000- square meters, mostly in McKinley Hill, Eastwood City, and The Mactan Newtown while occupancy rate across its office developments is at 87 percent, higher than the current industry average.
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The article was originally published in Manila Bulletin and written by James A. Loyola.
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