Property developer Megaworld Corp. capped 2024 with a record-breaking performance fueled by strong growth across all business segments.
In a stock exchange filing on Wednesday, the company reported a record high net income of P21.7 billion, marking a 12 percent increase from the previous year. Consolidated revenues surged 17 percent to P81.7 billion.
“In 2024, aside from delivering record results as we celebrated our 35 years in the Philippine real estate industry, we also pushed the boundaries of innovation across our townships, and bannered the new developments that truly help contribute to nation-building,” Megaworld President Lourdes Gutierrez-Alfonso said.
“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,” she added.
Real estate sales climbed 19 percent to nearly P51 billion, supported by strong demand in Metro Manila and key provincial areas.
The company launched four new townships — Lialto Golf and Beach Estate in Batangas, San Benito Private Estate in Batangas, Ilocandia Coastown in Laoag City, and The Upper Central in Cagayan de Oro — expanding its township portfolio to 35 and land bank to nearly 7,000 hectares.
Leasing revenues increased 10 percent to P19.7 billion as Megaworld Premier Offices and Megaworld Lifestyle Malls secured high-profile tenants.
Mall revenues rose 19 percent to P6.3 billion, while office revenues grew 7 percent to P13.4 billion, boosted by the full leasing of the International Finance Center in Uptown Bonifacio to JPMorgan Chase.
Megaworld Hotels & Resorts posted the highest growth among all business segments, with revenues surging 34 percent to P5.1 billion.
The segment benefited from the opening of Grand Westside Hotel, the country's largest hotel with 1,530 rooms, and the expansion of MICE (Meetings, Incentives, Conventions, and Exhibitions) facilities, including the upcoming Mactan Expo in Cebu.