November 8, 2024 | 12:00am
MANILA, Philippines — Growth across all its key businesses fueled a double-digit earnings growth for property giant Megaworld Corp. during the nine months ending September.
Megaworld saw its net income rise by 16 percent to P15.69. billion from January to September, while profit in the third quarter alone jumped by 26 percent year-on-year to P5.87 billion.
Net income attributable to parent company for the nine-month period grew by 14 percent to P13.73 billion, while attributable net income during the third quarter expanded by 25 percent.
Revenues generated during the nine-month period climbed by 23 percent to P59.78 billion, driven by the company’s strategic execution and its ability to drive growth across its diversified portfolio.
“Our performance this year highlights the value of our well-rounded approach. By expanding in areas that matter – residential, commercial, and hospitality – we’re not only building momentum but also creating meaningful communities across the country,” Megaworld president Lourdes Gutierrez-Alfonso said.
A key driver of the company’s strong performance for the period is the real estate segment which saw sales grow by 30 percent to P37.85 billion.
“We look forward to a strong 2024 with a clear focus on seizing new opportunities for growth that will benefit our stakeholders and the communities we serve,” Gutierrez-Alfonso said.
Leasing revenues also contributed to the company’s overall growth, up by 6.5 percent year-on-year to P14.16 billion.
Rising operational occupancy rates and tenant sales boosted revenues of Megaworld lifestyle malls by 16 percent to P4.52 billion, while Megaworld premier offices achieved a steady growth, reaching P9.63 billion in the nine months.
Megaworld hotels and resorts, meanwhile, posted the fastest growth in Megaworld’s portfolio during the three quarters with a 38-percent increase in revenues to P3.64 billion.
As the company looks to sustain its growth trajectory, Megaworld has set its sights to more expansion to the provinces.
Megaworld has launched two tourism-related townships in Batangas so far this year – Lialto Beach and Golf Estates in Lian and San Benito Private Estate in Lipa.
The company likewise expanded its township portfolio further to the north with the launch of its 34th township, Ilocandia Coastown, an 84-hectare integrated lifestyle community in Laoag, Ilocos Norte.
“These strategic developments are integral to Megaworld’s forward-looking strategy, positioning the company for sustained, long-term growth,” Kevin Tan, president and CEO of Alliance Global Group, the parent company of Megaworld, said.
“Our goal is to expand our portfolio in every key region in the country, generate more jobs in these localities and help build the communities,” Tan said.
Megaworld is set to end the year with 35 townships in line with the celebration of its 35 years in the Philippine real estate industry.
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