Property giant Megaworld reported robust financial performance for the first half of 2024, as it achieved a net income of P9.81-billion, or an 11 percent increase from the same period last year.
Net income attributable to shareholders of the parent company grew nine percent year-on-year to P8.55-billion, while consolidated revenues soared 22 percent, to P39.10-billion, highlighting the strong performance and resilience across the company’s diverse business segments.
Real estate business leads the company’s strong performance during the first half of the year, as sales reached P24.82-billion, posting a 30 percent increase from the same period last year.
This growth was driven by strong bookings and high demand for residential properties in various township developments, particularly in Taguig City, Cavite, Bulacan, Palawan, and Cebu.
“We continue to see robust demand for our residential properties outside of Metro Manila. Before the year ends, we hope to launch more projects in the provinces as we remain on track to finish 2024 with 35 townships,” Lourdes Gutierrez-Alfonso, president of Megaworld Corporation, said in a press release Aug. 7.
Revenues from Megaworld Hotels & Resorts, meanwhile, soared by 38 percent to P2.36-billion during the period, driven by the resurgence of MICE, or Meetings, Incentives, Conventions, Exhibitions, activities and local tourism.
Leasing revenues also saw a six percent increase year-on-year during the first six months of 2024, reaching P9.33-billion. Megaworld Lifestyle Malls saw revenues increase by a strong 19 percent to P3.02-billion, driven by higher tenant sales and increased foot traffic. Occupancy rates remained high at 93 percent, as of end-June.
There were several new store openings in various Megaworld Lifestyle Malls across the country covering about 17,400-square meters of space during the first half of the year.
Revenues from Megaworld Premier Offices, on the other hand, remained stable at P6.31-billion, despite the headwinds faced by the Philippine office industry. The company notched new leases of office spaces, totaling about 55,000-square meters.
To date, Megaworld has 33 master-planned integrated urban townships, integrated lifestyle communities, and lifestyle estates spanning over 5,300 hectares across the country, including The Upper East (34 hectares) in Bacolod City, and the Northill Gateway (50 hectares) in the boundaries of Bacolod City and Talisay City in Negros Occidental. ||
