Property developer Megaworld Corp. said Thursday net income attributable to shareholders of the parent company rose eight percent year-on-year to P4.4 billion in the first quarter of 2024 on higher sales from its residential, mall and hotel businesses.
Reported net income grew at a faster rate of 10 percent to P5 billion, Megaworld said in a disclosure to the stock exchange.
Consolidated revenues from January to March expanded by 16 percent to nearly P19 billion as core businesses registered solid growth during the period.
“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. This year, we hope to finish 2024 with 35 townships to coincide with our 35 years in the Philippine real estate industry,” said Kevin Tan, chief executive officer, Alliance Global Group, the parent company of Megaworld.
Real estate sales grew 29 percent to P12.1 billion, boosted by strong bookings and unit sales, while leasing revenues increased 6 percent to P4.6 billion in the first quarter from the same period last year.
Mall revenues jumped 20 percent to P1.5 billion, driven by higher tenant sales and improvement in occupancy which stood at 93 percent.
Office leasing revenues were flat at P3.2 billion due to prevalence of work-from-home arrangements.
Megaworld’s hotel and resort business registered a 39-percent increase in sales to P1.1 billion compared to P813 million in the same period last year on continued rebound of the tourism industry.
Megaworld noted the significant growth of MICE (meetings, incentives, conventions, exhibitions) activities and local tourism especially in Boracay Newcoast, highlighted by the strong bookings of the Boracay Newcoast Convention Center.
Megaworld has 31 master‐planned integrated urban townships, integrated lifestyle communities and lifestyle estates across the country.
The property developer budgeted P55 billion for 2024 capital expenditures.
It also plans to launch P40 billion worth of projects and targets reservation sales of P145 billion.