Megaworld’s Q1 profit rises amid strong sales

Property giant Megaworld, the country’s leading township developer, reported a net income of P5.0 billion in the first quarter of 2024, up 10% from the same period last year.

The net income attributable to shareholders of the parent company was P4.4 billion, marking an 8% increase year-on-year.

The company’s consolidated revenues surged by 16% to nearly P19 billion as core businesses showed robust growth.

Real estate sales climbed 29% to P12.1 billion, fueled by strong bookings and unit sales. Leasing revenues increased 6% to P4.6 billion compared to the previous year.

Megaworld Lifestyle Malls revenues jumped 20% to P1.5 billion, driven by higher tenant sales and an improved occupancy rate of 93%. Megaworld Premier Offices maintained revenues at P3.2 billion.

Megaworld Hotels & Resorts saw a 39% revenue increase to P1.1 billion from P813 million in the prior year, largely due to increased Meetings, Incentives, Conventions, and Exhibitions (MICE) activities and local tourism, particularly at Boracay Newcoast.

The Boracay Newcoast Convention Center, noted as one of the most modern and largest MICE facilities in Boracay Island, boasted strong bookings with a seating capacity of 1,200.

“We started 2024 by consolidating our strength and forging stability for our core businesses as we look forward to many more opportunities for growth in the coming years. This year, we hope to finish 2024 with 35 townships to coincide with our 35 years in the Philippine real estate industry,” said Kevin L. Tan, chief executive officer of Alliance Global Group, Megaworld’s parent company.

To date, Megaworld boasts 31 master-planned integrated urban townships, integrated lifestyle communities, and lifestyle estates across the Philippines. Notable developments include Eastwood City in Quezon City, Newport City in Pasay, and The Mactan Newtown in Cebu, among others.