Megaworld books 26% profit growth in third quarter of 2024

Property developer Megaworld Corp. reported a 26% rise in net profit to P5.87 billion in the third quarter of 2024, fueled by strong residential and leasing business performance.

Nine-month net income climbed 16% year-on-year to P15.69 billion, Megaworld said in a disclosure to the Philippine Stock Exchange.

Consolidated revenues in nine months ended September 2024 reached P59.78 billion, up 23% from the previous year. Third-quarter sales grew 25% year-on-year to P20.69 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,” said Megaworld president Lourdes Gutierrez-Alfonso.

Segment performance

Megaworld’s real estate sales jumped 30% to P37.85 billion for the first nine months. Mall revenues rose 16% to P4.52 billion, driven by higher occupancy rates and tenant sales. Office leasing revenues were up 6% at [P9.63 billion, while hotel and resort business sales increased 38% to P3.64 billion year-on-year.

To support continued growth, Megaworld launched two tourism-related townships in 2024. The 150-hectare Lialto Beach and Golf Estates in Lian, Batangas, is designed for premier beachside and golf lifestyle living, while the 25-hectare San Benito Private Estate in Lipa, Batangas, offers an active wellness community in partnership with The Farm at San Benito.

The company also unveiled 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. Our goal is to expand our portfolio in every key region, generate more jobs in these areas, and help build communities,” said Kevin L. Tan, president and CEO of Alliance Global Group, Megaworld’s parent company.