Megaworld posts record financial outcome in 2023

February 29, 2024 | 12:00am

MANILA, Philippines — Real estate giant Megaworld Corp. capped off 2023 with a record financial performance, posting a net income of P19.4 billion, 26 percent higher year-on-year.

The listed premier township developer of Andrew Tan also saw a 29 percent jump in its net income attributable to the parent company’s shareholders to P17.3 billion from last year’s P13.5-billion.

Revenues generated by the company stood at P69.7 billon, up 17 percent year-on-year, fueled by double-digit growth across all core businesses.

“The year 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,” Kevin Tan, chief executive officer of Megaworld’s parent company Alliance Global Group said.

Tan said Megaworld is committed to continuing the momentum moving forward by focusing on sustainable and quality growth while expanding strategically.

Megaworld was able to launch P72.6-billion worth of new projects in 2023, up by 61 percent from P45 billion the previous year and higher than the company’s P60 billion target.

The company also continued to expand its township offerings last year to ensure long-term revenue generation.

Strong bookings propelled real estate sales in 2023 to a record high P42.7 billion, up 16 percent year-on-year.

Reservation sales surpassed the P130 billion target set by the company as it grew by 17 percent to P139 billion.

Leasing revenues likewise reached  new all-time high levels last year as total revenues from Megaworld Lifestyle Malls and Megaworld Premier Offices increased by 14 percent to P17.9 billion.

Megaworld attributed the robust growth to strong mall revenues at P5.3 billion, fueled by the recovery in retail operations and tenant sales.

Office revenues, on the other hand, improved by only three percent to P12.6 billion in 2023 as the country’s office industry faced headwinds during the year.

Revenues of Megaworld Hotels & Resorts, meanwhile, continued to advance as it soared by 46 percent to P3.8 billion, driven by the company’s well-positioned hotel offerings and improving overall occupancy and room rates.

Megaworld has a portfolio of 31 master planned integrated urban townships, integrated lifestyle communities, and lifestyle estates across the country to date.