Megaworld profit up 29% at P17.3B
MEGAWORLD CORP. saw a 29% increase in its attributable net income for 2023 to P17.3 billion from P13.5 billion in 2022, propelled by improved performance across its core operations, the Tanled property developer announced on Wednesday.
The company’s consolidated revenue improved by 17% to P69.7 billion, Megaworld said in a stock exchange disclosure.
Real estate sales improved by 16% to P42.7 billion carried by strong bookings, while reservation sales rose by 17% to P139 billion.
Leasing revenue from Megaworld Lifestyle Malls and Megaworld Premier Offices rose by 14% to P17.9 billion.
Broken down, mall revenue improved by 54% to P5.3 billion led by the recovery of retail operations and tenant sales, while office revenue went up by 3% to P12.6 billion.
Megaworld Hotels & Resorts saw a 46% increase in revenue, reaching P3.8 billion, driven by heightened local travel, as well as increased activities in meetings, incentives, conferences, and exhibitions, along with enhanced overall occupancy and room rates.
“2023 marked a pivotal moment for Megaworld as our financial milestones showcased our strategic agility and innovations in our product offerings. This proves our ability to adapt and thrive in changing times to reach new heights,” said Kevin L. Tan, chief executive officer of Megaworld’s parent firm Alliance Global Group, Inc.
“Looking ahead, we are committed to continuing the momentum, focusing on sustainable and quality growth while expanding strategically to add more value for our company and stakeholders,” Mr. Tan added.
In 2023, Megaworld launched P72.6-billion worth of new projects. Some of these projects include Positano Mactan at The Mactan Newtown in Cebu worth P2.2 billion and Paragua Sands Hotel at Paragua Coastown in San Vicente, Palawan, worth P4.2 billion.
The property developer also launched the six-hectare Baytown Palawan township in Puerto Princesa City, Palawan last year, marking its 31st township overall.
Megaworld shares rose by 1.04% or two centavos to P1.95 apiece on Wednesday. —