Megaworld Corp. said Wednesday its net profit last year jumped 29 percent year-on-year to P17.3 billion, underscoring the gains from the strategic agility exhibited by the listed township developer.
Consolidated revenue in 2023 rose by 17 percent to P69.7-billion on double-digit growth across all Megaworld’s core businesses.
“2023 marked a pivotal moment for Megaworld as our financial milestones showcased our strategic agility and innovations in our product offerings. This proves our ability to adapt and thrive in changing times to reach new heights,” says Kevin L. Tan, chief executive officer of Alliance Global Group, the parent company of Megaworld.
Real estate sales grew by 16 percent to a record-breaking level of P42.7-billion, buoyed by strong bookings. Reservation sales reached P139 billion, up 17 percent year-on-year, surpassing the P130-billion target for the year,
Megaworld continued to expand its township offerings, ensuring long-term revenue generation. The company launched new projects worth P72.6-billion in 2023, 61 percent more than last year’s P45-billion and higher than its P60-billion target. These include Positano Mactan at The Mactan Newtown in Cebu worth P2.2-billion and Paragua Sands Hotel at Paragua Coastown in San Vicente, Palawan worth P4.2-billion, among others.
Leasing revenue, on the other hand, also reached new record levels in 2023 as total revenues from Megaworld Lifestyle Malls and Megaworld Premier Offices climbed to P17.9-billion, up 14 percent year-on-year. The increase was bannered by the 54 percent jump in mall revenues to P5.3-billion, fueled by the recovery in retail operations and tenant sales.
Office revenue grew 3 percent to P12.6 billion despite the headwinds faced by the office industry last year.
Megaworld Hotels & Resorts saw revenues rising by 46 percent to P3.8 billion, helped by the growth in the local travel industry and a more business gatherings.
“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,” added Tan.
Megaworld currently has 31 master‐planned integrated urban townships, integrated lifestyle communities, and lifestyle estates across the country.
