Business.(Business File photo)

Megaworld's net income surges 26% to P19.4 billion in 2023

MEGAWORLD Corp. posted a net income of P19.4 billion, up 26 percent in 2023. Its consolidated revenues, on the other hand, rose by 17 percent to P69.7 billion.

Net income attributable to the parent company’s shareholders also jumped by 29 percent to P17.3 billion from 2022’s P13.5 billion.

The remarkable performance is underpinned by the company’s double-digit growth across all core businesses.

Real estate sales grew by 16 percent to a record-breaking level of P42.7 billion, buoyed by strong bookings. Reservation sales reached P139 billion, up 17 percent year-on-year, surpassing the P130 billion target set by the company early 2022. Megaworld launched new projects worth P72.6 billion in 2023, 61 percent more than from 2022’s P45 billion and higher than the company’s P60 billion target.

These include Positano Mactan at The Mactan Newtown in Cebu worth P2.2 billion and Paragua Sands Hotel at Paragua Coastown in San Vicente, Palawan worth P4.2 billion, among others.

Leasing revenues, on the other hand, also reached new record levels in 2023 as total revenues from Megaworld Lifestyle Malls and Megaworld Premier Offices climbed to P17.9 billion, up 14 percent year-on-year.

The increase was bannered by the 54 percent jump in mall revenues to P5.3 billion, fueled by the recovery in retail operations and tenant sales.

Office revenues, on the other hand, grew by three percent to P12.6 billion as the country’s office industry faced headwinds during the year.

Megaworld Hotels and Resorts continued its leap forward with an outstanding resurgence in 2023, with revenues rising by 46 percent to P3.8 billion. / PR

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