PROPERTY developer Megaworld Corp. on Thursday said that aggressive expansion in its key real estate business drove nine-month net income up by 16 percent to P15.69 billion from P13.5 billion in the same period of 2023.
“Our performance this year highlights the value of our well-rounded approach,” Megaworld President Lourdes Gutierrez-Alfonso said.
“By expanding in areas that matter — residential, commercial and hospitality — we’re not only building momentum but also creating meaningful communities across the country,” she added.
Net income attributable to the parent company rose 14 percent year on year to P13.73 billion. For the third quarter alone, net income attributable to the parent was up 25 percent at P5.8 billion.
Consolidated revenues in the nine months advanced by 23 percent to P59.78 billion, fueled by higher revenue recorded across all its segments.
The developer said its real estate segment remained its key driver, with sales rising 30 percent to P37.85 billion as of end-September amid sustained demand across its township developments.
In the nine months to September, Megaworld launched two tourism-related townships, the Lialto Beach and Golf Estates and San Benito Private Estates, both located in Batangas province.
Ilocandia Coastown, an integrated lifestyle community in Laoag, Ilocos Norte, was the 34th township it launched, making Megaworld just one township shy of its target to launch 35 communities in celebration of its 35 years in the real estate industry.
“These strategic developments are integral to Megaworld’s forward-looking strategy, positioning the company for sustained, long-term growth,” said Kevin Tan, president and CEO of Megaworld’s parent firm Alliance Global Group.
“Our goal is to expand our portfolio in key regions in the country, generate more jobs in these localities, and help build communities,” he added.
Megaworld’s leasing segment contributed P14.2 billion in revenues, up 6.5 percent; lifestyle malls added another P4.52 billion, up 16 percent on higher occupancy rates and tenant sales; while its premier offices contributed some P9.63 billion.
Hotels and resorts contributed P3.64 billion, 38-percent YoY increase as the segment focuses on the global tourism market and in expanding its meeting, incentives, conventions, and exhibitions capacity.
Gutierrez-Alfonso said the company was looking forward to “a strong 2024 with a clear focus on seizing new opportunities for growth.”
Megaworld shares on Thursday fell by six centavos, or 2.82 percent to P2.07 each amid a 2.11-drop for the benchmark Philippine Stock Exchange index.
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