Property developer Megaworld Corp. said Wednesday net income grew 7 percent in 2022 to P15.4 billion from P14.4 billion in 2021, boosted by a double-digit revenue growth across business segments.
Net income attributable to the parent company’s shareholders reached P13.5 billion.
Consolidated revenues went up 17 percent to P59.5 billion from P50.8 billion.
The company’s growth momentum was propelled by its real estate business, with residential sales expanding by 18 percent to P36.8 billion, with a strong 34-percent growth in the fourth quarter of 2022.
Residential pre-sales surged 49 percent to nearly P119 billion in 2022, exceeding the company’s target of P110 billion. Residential projects in Boracay Newcoast in Boracay Island; Paragua Coastown in San Vicente, Palawan; The Mactan Newtown in Cebu; The Upper East in Bacolod; Capital Town in San Fernando, Pampanga; and Maple Grove in General Trias, Cavite comprised the biggest chunk of pre-sales performance last year.
The company launched two townships in 2022– the three-hectare Winford Resort Estate in Manila and the 340-hectare Sherwood Hills in Trece Martires, Cavite—bringing the company’s townships to 30 by the end of the year covering more than 5,100 hectares across the country.