Property developer Megaworld Corp. reported Wednesday a 9-percent growth in the first-half net income on the back of a double-digit growth in sales.
Net income attributable to shareholders of the parent company reached P8.55 billion from January to June this year, the company said in a regulatory filing.
Consolidated revenues in the six-month period jumped 22 percent to P39.1 billion, as core residential, mall and hotel businesses delivered strong growth.
Real estate sales surged 30 percent to P24.82 billion, driven by strong bookings and high demand for residential properties in various township developments, particularly in Taguig City, Cavite, Bulacan, Palawan and Cebu.
The company launched P18 billion worth of residential projects in the second quarter.
These include 9 Central Park-West Wing at Northwin Global City in Bulacan; One Portwood Residences at Newport City in Pasay City; CostaVida Residential Resort at The Mactan Newtown in Lapu-Lapu City, Cebu; Lialto Beach and Golf Estates-Phase 1 at Lialto Beach and Golf Estates in Lian, Batangas; and Sonrisa Gardens at Baytown Palawan in Puerto Princesa, Palawan.
“We continue to see robust demand for our residential properties outside of Metro Manila. Before the year ends, we hope to launch more projects in the provinces as we remain on track to finish 2024 with 35 townships,” said Megaworld president Lourdes Gutierrez-Alfonso.
Sales from hotels and resorts surged 38 percent to P2.36 billion amid the resurgence of MICE (meetings, incentives, conventions, exhibitions) activities and local tourism.
Mall revenues increased 19 percent to P3.02-billion, driven by higher tenant sales and increased foot traffic.
Occupancy rates remained high at 93 percent as of end-June 2024 despite the addition of 17,400 square meters of commercial spaces in the first half.
Revenues from office business remained stable at P6.31 billion despite the headwinds faced by the Philippine office industry.
The company secured new leases of office spaces totaling about 55,000 sq. m. mostly in McKinley Hill, Eastwood City and the Mactan Newtown in the first six months.
Occupancy rate across its office developments stood at 87 percent.
Megaworld also launched its 32nd township—Lialto Beach and Golf Estates this year. The expansive 150-hectare development in Lian, Batangas is set to offer a premier living experience, combining beachside living with world-class golf facilities.
