LISTED property developer Megaworld Corp. saw a 9% increase in its second-quarter attributable net income to P4.15 billion from P3.79 billion last year, driven by higher real estate sales.
Consolidated revenue for the April to June period rose by 27.8% to P20.22 billion from P15.82 billion in 2023, Megaworld disclosed in a stock exchange filing on Wednesday.
Second-quarter real estate sales increased by 31.5% to P12.7 billion from P9.66 billion the previous year.
Megaworld launched P18 billion worth of residential projects for the second quarter. These include 9 Central Park – West Wing at Northwin Global City in Bulacan, One Portwood Residences at Newport City in Pasay City, CostaVida Residential Resort at The Mactan Newtown in Lapu-Lapu City, Cebu, Lialto Beach and Golf Estates – Phase 1 at Lialto Beach and Golf Estates in Lian, Batangas, and Sonrisa Gardens at Baytown Palawan in Puerto Princesa, Palawan.
For the first half, Megaworld’s attributable net income grew by 8.6% to P8.55 billion from P7.88 billion in 2023.
From January to June, consolidated revenue increased by 22% to P39.1 billion from P32.04 billion last year.
Real estate sales during the first six months surged by 30% to P24.82 billion, spurred by strong bookings and high demand for Megaworld’s residential properties across township developments in Taguig City, Cavite, Bulacan, Palawan, and Cebu.
“We continue to see robust demand for our residential properties outside of Metro Manila. Before the year ends, we hope to launch more projects in the provinces as we remain on track to finish 2024 with 35 townships,” Megaworld President Lourdes T. Gutierrez-Alfonso said.
Megaworld Hotels & Resorts’ revenue during the first half jumped by 38% to P2.36 billion, bolstered by the resurgence of meetings, incentives, conventions, and exhibitions (MICE) activities and local tourism.
First-half leasing revenue increased by 6% to P9.33 billion. Megaworld Lifestyle Malls’ revenue grew by 19% to P3.02 billion, thanks to higher tenant sales and increased foot traffic. Occupancy rates reached 93% as of the end of June.
Megaworld Premier Offices maintained stable revenue at P6.31 billion despite challenges in the Philippine office industry. The company secured new leases of office spaces totaling about 55,000 square meters, mostly in McKinley Hill, Eastwood City, and The Mactan Newtown.
The occupancy rate across its office developments reached 87%, surpassing the current industry average.
Megaworld recently announced its 33rd township, San Benito Private Estate, which will be a 25-hectare integrated active wellness township developed in partnership with the group that owns and operates The Farm at San Benito medical wellness resort.
On Wednesday, Megaworld shares fell by 0.56% or one centavo to P1.77 per share. — Revin Mikhael D. Ochave
