Township developer Megaworld Corporation reported a 7 percent improvement in net income to P15.4 billion last year from P14.4 billion in 2021, boosted by double‐digit revenue growth across all of its business segments.
In a disclosure to the Philippine Stock Exchange, the firm said attributable net income inched up to at P13.5 billion from P13.43 billion in 2021.
Consolidated revenues, on the other hand, grew by 17 percent to P59.5 billion last year from the P50.8 billion registered in 2021.
Megaworld’s growth momentum was propelled by its real estate business, with residential sales expanding by 18 percent to P36.8 billion, with a strong 34 percent growth during the last quarter of the year.
Residential pre‐sales surged by 49 percent to almost P119 billion in 2022, exceeding the Company’s target of P110 billion. Residential projects in Boracay, Palawan, Cebu, Bacolod, Pampanga, and Cavite comprise the biggest chunk of pre‐sales performance during the year.
Last year, Megaworld launched two townships – the three‐hectare Winford Resort Estate in the City of Manila, and the 340‐hectare Sherwood Hills in Trece Martires, Cavite – bringing its townships to 30 by the end of the year covering more than 5,100 hectares of land across the country.
“We have exceeded our targets across all business segments last year and we remain optimistic that we can hit or even exceed our pre‐pandemic numbers this year,” said Megaworld Chief Strategy Officer Kevin L. Tan.
Megaworld Premier Offices maintained its growth momentum as it generated P12.2 billion in rental income last year, marking an 11 percent increase from the P11.1 billion in 2021.
The robust performance came from the growing transactions from both traditional and BPO tenants, as well as emerging businesses.
Megaworld Lifestyle Malls, on the other hand, achieved a strong revenue growth of 51 percent in 2022, amounting to P3.4 billion. The remarkable growth was mainly driven by increased spending and higher foot traffic as the malls resume normal operations almost all throughout the year.
Meanwhile, Megaworld Hotels & Resorts posted a milestone growth of 35 percent in revenues to P2.6 billion in 2022, compared to P1.9 billion in the previous year. This also exceeded its pre‐pandemic hotel revenues of P2.5 billion recorded in 2019.
This was largely driven by the sustained performance of in‐city hotels and the pick‐up in meetings, incentives, conferences, and exhibitions (MICE) activities as well as a remarkable increase in Food & Beverage (F&B) revenues.
During the year, Megaworld Hotels & Resorts also opened its first stand‐alone convention facility – the Boracay Newcoast Convention Center in Boracay Island. Before year‐end, it also opened the 550‐room Belmont Hotel at The Mactan Newtown in Cebu.
“Certainly, we will be launching more townships this year as we look forward to expanding our offerings to more cities across the Philippines,” said Tan.