Megaworld's first-quarter net income increases by 10%

Megaworld Records P5 Billion Net Income in Q1 2024 Amid Strong Real Estate Growth

Megaworld, one of the leading real estate conglomerates in the Philippines, achieved a significant milestone in the first quarter of 2024, reporting a net income of ₱5 billion, a result driven by robust growth across its business segments. This achievement underscores the company’s continued leadership in the real estate industry as it celebrates its 35th anniversary this year.

Real Estate and Leasing Income Boost Growth

The company attributed the increase in profits to strong real estate sales, which surged by 29% to ₱12.1 billion, fueled by higher bookings and unit sales. In addition, leasing income also posted a positive performance, growing by 6% to ₱4.6 billion for the period of January to March.

Lifestyle Malls and Hotels See Impressive Gains

Beyond real estate, Megaworld Lifestyle Malls reported a 20% jump in revenue to ₱1.5 billion. This growth was attributed to higher occupancy rates and increased tenant sales, signaling the recovery and resilience of the retail sector.

Meanwhile, Megaworld Hotels & Resorts experienced a 39% rise in revenue to ₱1.1 billion, largely due to the expansion of domestic tourism and the resurgence of MICE (Meetings, Incentives, Conventions, Exhibitions) activities. These gains reflect the company’s ability to adapt to evolving market dynamics and capitalize on opportunities in the hospitality sector.

A Milestone Year: 35 Townships by End-2024

As Megaworld marks its 35th year in the Philippine real estate market, the company has set an ambitious goal of developing 35 townships by the end of 2024. Kevin Tan, CEO of Alliance Global Group, Megaworld’s parent company, highlighted this target as a testament to the company’s sustained growth and vision for the future.

Looking Ahead

With strong financial results and strategic initiatives in place, Megaworld is well-positioned to further solidify its foothold in the real estate, retail, and hospitality sectors. As the company continues to celebrate its legacy, it remains committed to expanding its township developments and delivering value to its stakeholders.