Megaworld profit hits P5.17-B, eyes growth in key regions

LISTED property developer Megaworld Corp. recorded a 24.9% increase in its third-quarter attributable net income to P5.17 billion from P4.14 billion a year ago, led by growth across its key businesses.

Third-quarter revenue increased by 25% to P20.69 billion from P16.56 billion last year, Megaworld said in a statement to the stock exchange on Thursday.

Real estate sales grew by 31% to P13 billion on sustained demand across the company’s township developments, led by residential sales.

Rental income rose by 7.4% to P4.83 billion, while revenue from hotel operations, led by Megaworld Hotels & Resorts, increased by 37% to P1.28 billion.

For the first nine months, Megaworld saw a 14.2% increase in its attributable net income to P13.73 billion from P12.02 billion a year ago.

Revenue surged by 23% to P59.78 billion from P48.6 billion in 2023, led by growth across its residential, leasing, and hotel segments.

Real estate sales increased by 30% to P37.85 billion, while rental income surged by 6.5% to P14.16 billion.

Revenue from hotel operations grew by 37.7% to P3.64 billion, led by the global tourism market and expanding capacity for meetings, incentives, conventions, and exhibitions.

“Our performance this year highlights the value of our well-rounded approach. By expanding in areas that matter — residential, commercial, and hospitality — we’re not only building momentum but also creating meaningful communities across the country,” Megaworld President Lourdes T. Gutierrez-Alfonso said.

“We look forward to a strong 2024 with a clear focus on seizing new opportunities for growth that will benefit our stakeholders and the communities we serve,” she added.

Megaworld recently launched two tourism-related townships, namely the 150-hectare Lialto Beach and Golf Estates in Lian, Batangas, and the 25-hectare San Benito Private Estate in Lipa, Batangas.

The property developer also launched the 84-hectare Ilocandia Coastown community in Laoag City, Ilocos Norte, marking the 34^th township in its portfolio.

“These strategic developments are integral to Megaworld’s forward-looking strategy, positioning the company for sustained, long-term growth. Our goal is to expand our portfolio in every key region in the country, generate more jobs in these localities, and help build the communities,” Megaworld Executive Director Kevin Andrew L. Tan said.

On Thursday, Megaworld shares dropped by 2.8%, or six centavos, to P2.07 per share. — Revin Mikhael D. Ochave