Megaworld subsidiary Global Estate Resorts Inc. (GERI), developer of integrated tourism and leisure townships, achieved a net income of P2.1 billion in 2023 as more vertical residential projects were booked compared to the higher-margin horizontal projects booked the year before.
Net income to parent company’s shareholders achieved a modest growth of 3 percent to P1.8 billion compared to the previous year.
Consolidated revenues grew by 14 percent to P8.3 billion.
The company attributed the growth to the strong performances across its business segments, including real estate, rental, and hotel operations.
Real estate sales saw a 10 percent increase and reached P6.5-billion, driven by the continued improvement of real estate bookings from the company’s projects in Boracay Newcoast, Southwoods City, and Twin Lakes.
Reservation sales hit P19.2 billion in 2023, marking its full recovery from 2019. Demand for GERI’s projects in Boracay Newcoast, Twin Lakes, and Eastland Heights townships led the growth and accounted for the largest portion of the demand.
The hotel segment, benefiting from the resurgence in travel and tourism, recorded a 35 percent surge in revenues to P567 million. Leasing revenues experienced a significant 21 percent rise to P552 million, underpinned by the growing foot traffic and tenant sales in GERI’s commercial and retail spaces.
“As we move forward, GERI remains dedicated to enhancing our townships, driving sustainable growth, and delivering value to our stakeholders. We look forward to launching more projects in new locations very soon,” said Monica Salomon, president of GERI.
