Megaworld posts‘record’2023 profit

MEGAWORLD Corp. on Wednesday reported posting a “record” net income of P19.4 billion last year, up 26 percent from 2022’s P15.4 billion, following double-digit growth across its core businesses.

Consolidated revenues rose by 17 percent year on year to P69.7 billion while net income attributable to the parent company’s shareholders grew 29 percent to P17.3 billion from P13.5 billion.

Last year was a “pivotal moment” for the company as “financial milestones showcased our strategic agility and innovations in our product offerings,” Kevin Tan, Megaworld parent Alliance Global Group’s chief executive officer, said in a statement.

He said the earnings growth demonstrated “our ability to adapt and thrive in changing times to reach new heights.”

“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,” Tan added.

Megaworld said real estate sales jumped by 16 percent to P42.7 billion, thanks to “strong bookings,” while reservation sales exceeded a P130-billion target after expanding by 17 percent to P139 billion.

Leasing revenues were said to have also booked “new record levels,” with total revenues from Megaworld Lifestyle Malls and Megaworld Premier Offices expanding by 14 percent to P17.9 billion.

This was complemented by a 54-percent increase in mall revenues to P5.3 billion due to the rebound in retail operations and tenant sales, the developer noted.

Office revenues, meanwhile, inched up by 3.0 percent year on year to P12.6 billion as “the country’s office industry faced headwinds during the year.”

Megaworld Hotels & Resorts also posted “significant” contributions, with revenues increasing by 46 percent to P3.8 billion, on the back of “effective” hospitality strategies and a post-pandemic sector recovery.

“The company’s well-positioned hotel offerings successfully captured the increased local travel and MICE (meetings, incentives, conferences, exhibitions) activities, improving overall occupancy and room rates,” the developer said.

Megaworld unveiled P72.6 billion worth of projects last year, surpassing a P60-billion target. The figure was also 61 percent higher compared to 2022’s P45 billion.

The company also continued its nationwide expansion, closing 2023 with 31 master-planned integrated urban townships, integrated lifestyle communities and lifestyle estates.

Megaworld shares rose by 2 centavos, or 1.04 percent, to P1.95 apiece amid a 0.23-percent gain for the benchmark Philippine Stock Exchange index.