Property developer Megaworld Corp. said Wednesday it booked a record net income of P21.7 billion in 2024, a 12-percent increase from the previous year’s level as sales grew at a double-digit rate.
Consolidated revenues also rose 17 percent to P81.7 billion, boosted by strong performances across its real estate, leasing and hospitality businesses, the property firm said in a disclosure to the stock exchange.
Real estate sales reached nearly P51 billion, a 19-percent increase compared to 2023 as demand for residential properties in Metro Manila and key provincial areas remained strong.
Megaworld launched four major townships in 2024, adding almost 400 hectares to its land bank, which now totals nearly 7,000 hectares.
Leasing revenues grew 10 percent to P19.7 billion. Megaworld Premier Offices and Megaworld Lifestyle Malls attracted high-profile tenants.
Malls contributed to the growth with a 19-percent increase in revenues, reaching P6.3 billion due to higher foot traffic and consumer spending.
Office leasing rose 7 percent to P13.4 billion, with the leasing of nearly 140,000 square meters (sq. m.) of office space.
It also turned over International Finance Center in Uptown Bonifacio with 70,000 sq. m. The building was fully leased by JPMorgan Chase.
The hospitality sector saw the highest growth, with hotel revenues surging 34 percent to P5.1 billion. The growth was driven by increased domestic and international travel, as well as the expansion of the company’s MICE offerings.
The property firm opened the Grand Westside Hotel, the largest hotel in the Philippines with 1,530 rooms. It also started of construction of the Mactan Expo in The Mactan Newtown Cebu.
“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,” said Megaworld president Lourdes Gutierrez-Alfonso.
“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 said.