Listed property developer Megaworld Corp. posted net profit attributable to shareholders of the parent company of P13.5 billion last year, little changed from the P13.4 billion reported in 2021 as rising expenses tempered double-digit growth in revenue.
Consolidated revenues grew by 17 percent to P59.5-billion from the P50.8 billion reported in 2021, driven by the double-digit growth in Megaworld’s residential sales.
Residential pre-sales surged by 49 percent to almost P119 billion in 2022, exceeding the Megaworld’s target of P110 billion on strong take-up from various projects, including those in Boracay, Palawan, Cebu, Bacolod, Pampanga and Cavite.
The property developer also launched last year two township projects—the three-hectare Winford Resort Estate in Manila, and the 340-hectare Sherwood Hills in Cavite–bringing the company’s townships to 30 covering more than 5,100 hectares across the country.
“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,” said Kevin L. Tan, chief strategy officer at Megaworld, in a statement.
Tan added that more township projects will be launched this year “as we look forward to expanding our offerings to more cities across the Philippines.”
