Megaworld Corp. said Wednesday net income rose 36 percent in 2021 to P13.4 billion from P9.9 billion in 2020, on the back of a double-digit growth in revenues.
Megaworld said in a disclosure to the stock exchange revenues increased 17 percent to P50.8 billion from P43.5 billion in 2020 on higher real estate and office rental income.
Real estate sales reached P31.1 billion, up 25 percent from P24.9 billion as construction activities picked up.
Reservation sales also jumped 17 percent to P80 billion as the company launched 11 new residential and commercial lot projects with total sales value of P28 billion.
“There has been a huge demand for titled lots, from both our residential and commercial offerings last year. We can see this trend to continue even this year,” Megaworld chief strategy officer Kevin Tan said.
Megaworld launched two new townships in the second half of 2021, including the 462-hectare Paragua Coastown in San Vicente, Palawan―the company’s first eco-tourism township and the 85-hectare Northwin Global City in Marilao and Bocaue, Bulacan.
Rental income from office leasing business hit a record P11.1 billion as it closed around 236,000 square meters of new and renewal transactions.
Office occupancy rate stood at 90 percent, a significant improvement from around 81 percent to 84 percent in 2020.
Hotel and resorts business also registered a strong recovery, with revenues increasing by 30 percent to P1.9 billion. This was due to the consistent performance of the company’s in-city hotels and the opening of Kingsford Hotel in the company’s Westside City township within the Entertainment City in the second quarter of 2021.
The company’s malls business continued to be affected by the pandemic as revenues were down by 10 percent to P2.3 billion
“In 2021, we shifted gears from pandemic management to restarting our growth trajectory, and our initiatives on this front have begun to bear fruit. As our numbers have shown, all our business segments registered significant improvements, even as we continue to provide assistance to ensure the recovery of our various stakeholders,” Tan said.
