Property developer Megaworld Corp. saw its net income attributable to the parent company’s shareholders increase 29 percent in 2023 to P17.3 billion from P13.5 billion in 2022.
Megaworld said in a disclosure to the stock exchange Wednesday net income in 2023 also rose 26 percent to P19.4 billion.
The company said the strong 2023 financial performance was due to the double-digit growth of residential, leasing and hotel businesses.
“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,” said Kevin Tan, chief executive of Alliance Global Group, the parent company of Megaworld.
Real estate sales grew 16 percent to a record P42.7-billion, driven by strong bookings and new project launches.
Reservation sales reached P139-billion, up 17 percent year-on-year and surpassing the P130-billion target set by the company .
Megaworld launched new township and residential projects to ensure its long-term growth in 2023.
It unveiled P72.6 billion worth of new projects, 61 percent more than previous year’s level of P45 billion and higher than the company’s P60-billion target.
These projects 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.
Leasing revenues also reached new record levels in 2023 as total revenues climbed 14 percent year-on-year to P17.9 billion.
Office revenues also grew 3 percent to P12.6 billion as the country’s office industry continued to face headwinds.
Megaworld’s hotel business also posted strong recovery with revenues increasing by 46 percent to P3.8 billion.
“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,” said Tan.
Megaworld has 31 master‐planned integrated urban townships, integrated lifestyle communities and lifestyle estates across the country.