Megaworld nets 7% more in 2022

Megaworld Corp. reported a net income of P15.4 billion last year, up seven percent.

“We have exceeded our targets across all business segments last year and we remain optimistic that we can hit or even exceed our pre-pandemic numbers this year,” Megaworld chief strategy officer Kevin Tan said.

The company raked in consolidated revenues of P59.5 billion, 17 percent higher than the previous year.

Megaworld’s growth momentum was propelled by its real estate business, with residential sales expanding by 18 percent to P36.8-billion.

Residential pre-sales rose by 49 percent to almost P119 billion last year, exceeding the company’s target of P110 billion.

Residential projects in Boracay Newcoast in Boracay Island; Paragua Coastown in San Vicente, Palawan;

The Mactan Newtown in Cebu; The Upper East in Bacolod; Capital Town in San Fernando, Pampanga; and Maple Grove in General Trias, Cavite comprise the biggest chunk of pre-sales performance during the year.

The company’s office business through Megaworld Premier Offices, meanwhile, maintained its growth momentum as it generated P12.2 billion in rental income during the year, marking an 11 percent increase from P11.1 billion.

The robust performance came from the growing transactions from both traditional and BPO tenants, as well as emerging businesses.

Megaworld Lifestyle Malls, on the other hand, achieved a strong revenue growth of 51 percent last year, amounting to P3.4 billion, driven by increased spending and higher foot traffic as the malls resume normal operations almost all throughout the year.

To date, Megaworld has 30 master-planned townships across the country.