Megaworld Corp., the property development arm of businessman Andrew Tan, reported net income growing 10 percent in the first three months this year to P5.02 billion from last year’s P4.55 billion as real estate sales and shopping mall rentals performed well during the period.
Revenue grew 16 percent to P18.87 billion from only P16.23 billion.
Core revenue total P17.89 billion, resulting from strong property sales and sustained growth in leasing and hotel income. This was 22 percent higher than previous of only P14.59 billion.
“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,” Kevin Andrew L. Tan, executive vice president, said.
Real estate sales surged 29 percent to P12.11 billion from P9.4 billion, driven by strong bookings and unit sales, while leasing revenue grew 6 percent to P4.64 billion from the previous year’s P4.37 billion, the company said.
Shopping mall revenue rose 20 percent to P1.5 billion, driven by higher tenant sales and improved occupancy of 93 percent during the period.
Cash from its offices, however, proved flat at P3.2 billion.
Hotel revenue rose 38 percent to P1.12 billion from P812.9 million last year buoyed by the growth in meetings, incentives, conventions, exhibitions (MICE) activities and local tourism highlighted by strong bookings at the Boracay Newcoast Convention Center during the period. The Boracay Newcoast Convention Center is rated the most modern and one of the biggest MICE facilities in Boracay with seating capacity of 1,200.
Interest and other income was down 39 percent to P981.82 million from P1.63 billion.
Megaworld has 31 master‐planned integrated urban townships to date.
