MICE spikes Megaworld’s Q1 net income to P5B

Megaworld’s report highlighted the high demand for conventions at the company’s Boracay Newcoast Convention Center

Property giant Megaworld Corp., led by tycoon Andrew Tan, delivered a 10 percent increase in first-quarter net income to P5 billion, driven by a spike in local tourism and meetings, incentives, conventions and exhibitions (MICE) activities.

The listed company informed the stock exchange on Thursday that its net income attributable to shareholders of the parent company also rose by eight percent year-on-year to P4.4 billion.

Likewise, consolidated revenues grew by 16 percent to almost P19 billion as core businesses registered solid growth during the period.

Demand in conventions up

Megaworld’s report highlighted the high demand for conventions at the company’s Boracay Newcoast Convention Center.

The state-of-the-art facility stands as one of the most spacious convention centers on Boracay Island, with a remarkable seating capacity for up to 1,200 attendees. Its modern amenities and versatile spaces accommodate a wide range of events.

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

“This year, we hope to finish 2024 with 35 townships to coincide with our 35 years in the Philippine real estate industry,” he added.

Real estate on the rise

In the first quarter of 2024, Megaworld’s real estate sales experienced a 29 percent increase compared to the same period last year, reaching P12.1 billion. This surge was attributed to robust bookings and unit sales. Additionally, leasing revenues grew by six percent to P4.6 billion.

Megaworld Lifestyle Mall revenues soared by 20 percent to P1.5 billion, driven by higher tenant sales and improved occupancy of 93 percent, while Megaworld Premier Offices revenues were on the same level at P3.2 billion.

Meanwhile, Megaworld Hotels & Resorts revenues grew by 39 percent to P1.1 billion compared to P813 million in the same period last year.

To date, Megaworld has 31 master planned integrated urban townships, integrated lifestyle communities, and lifestyle estates across the country.