Megaworld Corporation achieved a milestone in its financial performance for 2023 as its full-year net income surged by 26% to P19.4-billion. Its consolidated revenues, on the other hand, rose by 17% to P69.7-billion. Net income attributable to the parent company’s shareholders also jumped by 29% to P17.3 billion from last year’s P13.5-billion.
The remarkable performance is underpinned by the company’s double-digit growth across all core businesses.
The year “2023 marked a pivotal moment for Megaworld as our financial milestones showcased our strategic agility and innovations in our product offerings. This proves our ability to adapt and thrive in changing times to reach new heights,” says Kevin L. Tan, chief executive officer of Alliance Global Group, the parent company of Megaworld.
Real estate sales grew by 16% to a record-breaking level of P42.7-billion, buoyed by strong bookings. Reservation sales reached P139-billion, up 17% year-on-year, surpassing the P130-billion target set by the Company early last year.
Last year, Megaworld continued to expand its township offerings, ensuring long-term revenue generation. During the year, the company launched Baytown Palawan in Puerto Princesa City, overlooking the refreshing views of Puerto Princesa Bay. The six-hectare development marks the 31st township of the Company and is set to bring the vibrant concept of Megaworld’s iconic Forbes Town development in Bonifacio Global City (BGC) to Puerto Princesa.
Read: Megaworld Q1 net income surges to P4.6B
Megaworld launched new projects worth P72.6-billion in 2023, 61% more than last year’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% year-on-year. The increase was bannered by the 54% 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 a healthy 3% to P12.6-billion as the country’s office industry faced headwinds during the year.
Megaworld Hotels & Resorts continued its leap forward with an outstanding resurgence in 2023, with revenues rising by 46% to P3.8-billion. This significant growth highlights the sector’s strong recovery post-pandemic and underscores Megaworld Hotels & Resorts’ effective strategies in hospitality. The company’s well-positioned hotel offerings successfully captured the increased local travel and MICE activities, improving overall occupancy and room rates, especially in Belmont Hotel Manila, Savoy Hotel Manila, and Twin Lakes Hotel in Tagaytay.
“Looking ahead, we are committed to continuing the momentum, focusing on sustainable and quality growth while expanding strategically to add more value for our Company and stakeholders,” adds Tan.