Megaworld’s Profits Surge, Targets Provincial Growth

Megaworld Corporation reported robust financial performance for the first nine months of 2024, achieving a net income of PHP 15.69 billion, a 16% increase year-on-year. In the third quarter alone, the company’s net income surged 26% to PHP 5.87 billion.

Net income attributable to the parent company climbed 14% to PHP 13.73 billion during the nine-month period and rose 25% year-on-year for the third quarter.

Consolidated revenues for the first three quarters grew 23% to PHP 59.78 billion, driven by strategic execution across Megaworld’s diverse portfolio, which includes residential, leasing, and hotel businesses.

“Our performance this year highlights the value of our well-rounded approach,” said Lourdes Gutierrez-Alfonso, president of Megaworld.

“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.”

The real estate segment spearheaded growth, with sales jumping 30% to PHP 37.85 billion over nine months and 31% to PHP 13 billion in the third quarter, showcasing strong demand for Megaworld’s integrated township developments.

The company’s ‘LIVE-WORK-PLAY’ model continues to resonate with consumers, highlighting a shift toward comprehensive lifestyle experiences.

Leasing operations also saw solid returns. Revenues for the segment reached PHP 14.16 billion in the first nine months, a near 7% year-on-year increase.

The third quarter leasing revenues experienced a 7.4% growth, with Megaworld Lifestyle Malls contributing significantly, showing a 16% revenue rise to PHP 4.52 billion during the period.

Hotels and resorts represented the fastest-growing segment, with revenues soaring 38% to PHP 3.64 billion in the first nine months.

The third quarter alone saw a 37% increase to PHP 1.28 billion, fueled by a strategy targeting the global tourism market and expanding MICE (Meetings, Incentives, Conventions, and Exhibitions) facilities.

In line with its growth vision, Megaworld launched new tourism-centric townships in 2024, including the 150-hectare Lialto Beach and Golf Estates in Lian, Batangas, and the 25-hectare San Benito Private Estate in Lipa, Batangas, in partnership with The Farm at San Benito.

Recently, Megaworld expanded its reach to Northern Luzon by unveiling Ilocandia Coastown, an 84-hectare development in Laoag, Ilocos Norte, marking its 34th township.

This move positions the company within the fast-developing regions of Central Visayas, Western Visayas, and the Ilocos Region, according to the Philippine Statistics Authority.

“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,” said Kevin L. Tan, president and CEO of Alliance Global Group, Megaworld’s parent company.

As Megaworld approaches its 35th anniversary, the company is set to close the year with 35 townships, a testament to its three and a half decades of leadership in shaping the Philippine real estate landscape.