Megaworld nets P5.02 billion in Q1

MANILA, Philippines —  Real estate giant Megaworld Corp. is off to a strong start and is gearing up for sustained growth with new township developments lined up this year.

Megaworld recorded a 10-percent increase in net income during the first three months to P5.02 billion from P4.56 billion in the same period in 2023.

Net income attributable to shareholders of the parent company stood at P4.4 billion, up eight percent.

The company registered a 16-percent growth in revenues to almost P19 billion on the solid growth of its core businesses during the quarter.

“We started 2024 by consolidating our strength and forging stability for our core businesses as we look forward to many more opportunities for growth in the coming years,” said Kevin Tan, chief executive officer of Alliance Global Group Inc. (AGI), the parent company of Megaworld.

Strong bookings and unit sales pushed real estate sales higher by 29 percent to P12.1 billion in the first quarter, while leasing revenues grew by six percent to P4.6 billion during the period.

Revenues of Megaworld Lifestyle Malls went up by 20 percent to P1.5 billion on the back of higher tenant sales and improved occupancy of 93 percent.

The revenues of Megaworld Premier Offices remained flat at P3.2 billion, while that of Megaworld Hotels & Resorts surged by 39 percent to P1.1 billion as a result of the growth of MICE (meetings, incentives, conventions, exhibitions) activities and local tourism.

Megaworld is aiming to end 2024 with 35 townships as it celebrates its 35th anniversary this year.

The company currently has 31 master-planned integrated urban townships, integrated lifestyle communities and lifestyle estates across the country.

“This year, we hope to finish 2024 with 35 townships to coincide with our 35 years in the Philippine real estate industry,” Tan said.

In a related development, AGI in a stock exchange filing said it has purchased Megaworld’s 35.27 million common shares in the company at P9.70 per share from the open market as part of its share buy-back program.

The disposed shares of Megaworld correspond to 0.39 percent interest in AGI.