Property giant Megaworld saw its net income climb to P5 billion during the first quarter of 2024, a significant 10 percent increase from the same period last year. Net income attributable to shareholders of the parent company stood at P4.4 billion, marking an 8 percent growth year- on-year.
Consolidated revenues grew by 16 percent to almost P19-billion as core businesses registered solid growth during the period, Megaworld said in a press release.
Real estate sales surged by 29 percent or P12.1 billion, driven by strong bookings and unit sales, while leasing revenues grew 6 percent to P4.6 billion during the quarter, compared to the same period last year.
Megaworld Lifestyle Malls 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.
Megaworld Hotels & Resorts revenues, on the other hand, grew by 39 percent to P1.1 billion, compared to P813-million in the same period last year. This rapid rise was largely buoyed by the growth of MICE (Meetings, Incentives, Conventions, Exhibitions) activities and local tourism especially in Boracay Newcoast, highlighted by the strong bookings of the Boracay Newcoast Convention Center during the period. The Boracay Newcoast Convention Center is considered to be the most modern and one of the biggest MICE facilities in Boracay Island today 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,” according to Kevin L. Tan, chief executive officer, Alliance Global Group, the parent company of Megaworld.
To date, Megaworld has 31 master‐planned integrated urban townships, integrated lifestyle communities, and lifestyle estates across the country.*
