Megaworld Corporation, the country’s premier township developer, achieved a landmark milestone in its financial performance for year 2023, as its full-year net income surged by 26 percent, to P19.4 billion.
Its consolidated revenues, on the other hand, rose by 17 percent to P69.7 billion. Net income attributable to the parent company’s shareholders also jumped by 29 percent to P17.3 billion, from last year’s P13.5 billion.
The remarkable performance is underpinned by the company’s double-digit growth across all core businesses.
Kevin Tan, chief executive officer of Alliance Global Group, the parent company of Megaworld, said in a press release Feb. 28 that “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,” Tan stressed.
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, or up 17 percent year-on-year, surpassing the P130 billion target set by the Company early last year.
Megaworld launched new projects, worth P72.6-billion, in 2023, 61 percent more than the previous year’s P45-billion, and higher than the Company’s 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 revenues, 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, the press release added.
Office revenues, on the other hand, grew by a healthy three percent to P12.6-billion as the country’s office industry faced headwinds during the year.
Megaworld Hotels & Resorts continued its leap forward with an outstanding resurgence in 2023, with revenues rising by 46 percent to P3.8-billion. This significant growth highlights the sector’s strong recovery post-pandemic and underscores Megaworld Hotels & Resorts’ effective strategies in hospitality.
“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,” Tan said.
To date, Megaworld has 31 master‐planned integrated urban townships, integrated lifestyle communities, and lifestyle estates across the country, including The Upper East (34 hectares) in Bacolod City, and Northill Gateway (50 hectares) in the boundaries of Bacolod and Talisay City in Negros Occidental. ||
