Megaworld Corporation, the property development arm of businessman Andrew Tan, reported a 16 percent increase in net income for the first three quarters of the year, reaching P15.68 billion, up from P13.5 billion in the same period last year. This robust performance was driven by growth across all key business segments, including residential, leasing, and hospitality.
Revenue for the period surged by 23 percent year-on-year, totaling P59.78 billion, with the third quarter alone contributing P20.69 billion, up 25 percent from the previous year. Net income for Q3 rose 26 percent, reaching P5.87 billion, compared to P4.66 billion in 2023.
“These strategic developments are integral to Megaworld’s forward-looking strategy, positioning the company for sustained, long-term growth,” said Kevin Andrew L. Tan, executive director of Megaworld. “Our goal is to expand our portfolio in every key region in the country, generate more jobs in these localities, and help build the communities.”
The company’s real estate segment continued to be the primary driver of growth, with residential sales increasing by 30 percent to P37.85 billion. In the third quarter, sales reached P13 billion, up 31 percent from the same period in 2023.
Leasing revenue grew 6 percent, totaling P14.16 billion for the nine-month period, with shopping malls leading the charge. Megaworld’s mall revenue jumped 16 percent to P4.52 billion, fueled by higher occupancy rates and increased tenant sales. Office leasing revenue, however, showed modest growth, inching up to P9.63 billion, compared to P9.4 billion last year.
The hospitality segment saw significant growth, with Megaworld Hotels and Resorts posting a 38 percent rise in revenues to P3.64 billion, primarily driven by its strategic focus on attracting international tourists and expanding its MICE (meetings, incentives, conventions, and exhibitions) offerings.
Lourdes Gutierrez-Alfonso, president of Megaworld, emphasized the company’s comprehensive growth strategy. “Our performance this year highlights the value of our well-rounded approach. By expanding in areas that matter—residential, commercial, and hospitality—we’re not only building momentum but also creating meaningful communities across the country. We look forward to a strong 2024 with a clear focus on seizing new opportunities for growth that will benefit our stakeholders and the communities we serve.”
With its diverse portfolio, Megaworld remains well-positioned for continued success as it pursues long-term expansion across the Philippines.
