Megaworld net income up 12%, hits new record in 2024

Listed township developer Megaworld Corp. saw a 12% growth in its bottom line in 2024 to post another record-high, on the back of the continued expansion of its real estate, leasing, and hospitality businesses during the period.

In a regulatory filing, Megaworld said its net income grew to P21.666 billion from P19.400 billion in 2023, as consolidated revenues rose by 17% to P81.687 billion while costs and expenses climbed to P60.020 billion from P50.327 billion.

Its real estate unit posted a 19% increase in revenues to hit P51 billion, after it announced four developments across the country to add over 300 hectares in its portfolio—Lialto Gold and Beach Estate in Lian, Batangas; San Benito Private Estate in Lipa, Batangas; Ilocandia Coastown in Laoag City; and The Upper Central in Cagayan de Oro.

The company in January announced plans to expand with at least two more townships in over 300 hectares of land in growth areas in Luzon and Visayas this year.

Leasing revenues grew 10% to P19.7 billion, as mall revenues increased by 19% to P6.30 billion and office revenues rose by 7% to P13.4 billion.

The hospitality business reported a 34% increase in hotel revenues to P5.1 billion, citing the rebound in domestic and international travel.

"Moving forward, we will set our eyes on more innovations as well as on how we can collaborate to further innovate, but still keeping our commitment to care for our people and our communities," Megaworld president Lourdes Gutierrez-Alfonso said.

The company's real estate portfolio includes residential condominium units, subdivision lots and townhouses, as well as office projects and retail spaces. Its businesses include real estate sales, leasing of office spaces, and management of hotel operations.

Its subsidiaries include Richmonde Hotel Group International Limited, Eastwood Cyber One Corp., Empire East Land Holdings Inc., Global-Estate Resorts Inc., and Bonifacio West Development Corp. — VDV, GMA Integrated News