Company sustained double-digit growth across its core businesses
With a robust double digit growth across all core business segments, property giant Megaworld saw its net income soar to P13.5-billion during the first nine months of the year from P9.7-billion last year, up 39% and pulling away even farther from its pre-pandemic levels.
Net income attributable to the parent company’s shareholders also jumped by 43% to P12.0-billion from last year’s P8.4-billion.
Consolidated revenues during the period also increased by 14% to P48.6-billion, driven by robust real estate bookings, leasing, and hotel operations.
“We are optimistic that we will reach our record revenues by the end of the year across our businesses as we continue to capture opportunities within and beyond Metro Manila,” says Kevin L. Tan, chief executive officer, Alliance Global Group, the parent company of Megaworld.
Real estate sales for the period increased by 11% year-on-year to P29.0-billion attributed to higher project completion rates.
The company is poised to exceed its year-end reservation sales target of P130.0-billion, with reservation sales in the first nine months of 2023 already growing by 28% to P109.5-billion. This figure already represents 84% of the company’s year-end goal.
So far, the company launched P69.3-billion worth of projects this year, with three big projects being rolled out in the third quarter alone. These include Uptown Modern in Uptown Bonifacio, Taguig City with P29-billion worth of inventory; Laurent Park in Manhattan Garden City, Quezon City with P6.5-billion worth of inventory; and Kensington Sky Garden in Upper East, Bacolod City with P2.5-billion worth of inventory.
“We still have projects to be launched before the year ends,” adds Tan.
Leasing revenues from Megaworld Lifestyle Malls and Megaworld Premier Offices grew by 17% to P13.3-billion during the first three quarters of the year.
Megaworld Lifestyle Malls grew its revenues by 70% to P3.9-billion during the period driven by higher rental collections, while Megaworld Premier Offices grew 3% to P9.4-billion.
On the other hand, Megaworld Hotels & Resorts has surpassed its full-year 2019 revenues during the first nine months of the year, reaching P2.6-billion or an increase of 51% from the same period last year. This was largely driven by the promising growth of MICE activities and local tourism. During the period, Megaworld Hotels & Resorts also saw improved average occupancy and higher room rates compared to last year.
To date, Megaworld has 30 master‐planned integrated urban townships, integrated lifestyle communities, and lifestyle estates across the country, namely: Eastwood City in Libis, Quezon City, (18.5 hectares); Newport City in Pasay City (25 hectares); McKinley Hill (50 hectares), McKinley West (34.5 hectares), Uptown Bonifacio (15.4 hectares) and Forbes Town (5 hectares), all in Fort Bonifacio, Taguig City; Lucky Chinatown in Binondo, Manila (3 hectares); The Mactan Newtown in Lapu‐Lapu City, Cebu (30 hectares); Iloilo Business Park in Mandurriao, Iloilo City (72 hectares); Sta. Barbara Heights in Sta. Barbara, Iloilo (173 hectares); Boracay Newcoast in Boracay Island (150 hectares); Twin Lakes in Alfonso, Batangas near Tagaytay (1,300 hectares); ArcoVia City in Pasig City (12.3 hectares); Southwoods City in the boundaries of Biñan, Laguna and Carmona, Cavite (561 hectares); Davao Park District in Lanang, Davao City (11 hectares); Alabang West in Las Piñas City (62 hectares); Eastland Heights in Antipolo, Rizal (640 hectares); Suntrust Ecotown in Tanza, Cavite (350 hectares); Maple Grove in General Trias, Cavite (140 hectares); The Hamptons Caliraya in Lumban‐Cavinti, Laguna (300 hectares); The Upper East (34 hectares) in Bacolod City; Northill Gateway (50 hectares) in the boundaries of Bacolod City and Talisay City in Negros Occidental; Capital Town Pampanga beside the Pampanga Provincial Capitol in the City of San Fernando (35.6‐hectares); Westside City in the Entertainment City in Paranaque City (31 hectares); Empire East Highland City in Cainta, Rizal (24 hectares); Arden Botanical Estate in the boundaries of Trece Martires and Tanza, Cavite (251 hectares); Paragua Coastown in San Vicente, Palawan (462 hectares); Northwin Global City in Marilao and Bocaue, Bulacan (85 hectares); Winford Resort Estate in Manila City (3 hectares); and Sherwood Hills in Trece Martires, Cavite (340 hectares).