Megaworld reports 16% profit growth

Megaworld Corp., the property development firm of businessman Andrew Tan, said its income in January to September went up by 16 percent to P15.68 billion from the previous year’s P13.5 billion, as all key units posted growth, according to a report by BusinessMirror.

Revenues reached P59.78 billion, up 23 percent from the previous year, as growth was seen across its portfolio, including the residential, leasing and hotel segments. Third quarter revenues also increased by 25 percent year-on-year to P20.69 billion.

Income for the period rose 26 percent to P5.87 billion from the P4.66 billion recorded a year ago.

“These strategic developments are integral to Megaworld’s forward-looking strategy, positioning the company for sustained, long-term growth. 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,” Kevin Andrew L. Tan, the company’s executive director, said.

“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. 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,” Lourdes Gutierrez-Alfonso, the company’s president, said.

The company’s real estate segment remains a key driver of Megaworld’s strong performance, with sales rising by 30 percent year-on-year to P37.85 billion in the nine-month period, and by 31 percent year-on-year to P13 billion during the third quarter.

Leasing revenues, meanwhile, also contributed to the company’s strong results, reaching P14.16 billion for the nine-month period, up by 6 percent year-on-year.

Its shopping malls led this growth with a 16-percent increase in revenues to P4.52 billion, and an 11 percent rise during the third quarter. This was mainly driven by rising operational occupancy rates and tenant sales.

Revenues of its offices, meanwhile, were almost flat at P9.63 billion in January to September compared with last year’s P9.4 billion.

Megaworld Hotels and Resorts saw a 38-percent increase in revenues to P3.64 billion from the previous P2.6 billion, mainly driven by its strategy focused on the global tourism market and expanding MICE or meetings, incentives, conventions and exhibitions, capacity.