Megaworld Corp. grew its profit in 2022 to P15.4 billion from P14.4 billion in the previous year.
Adjusted for minority interests in ventures, Megaworld shareholders get P13.5 billion.
Revenues rose 17 percent to P59.5 billion from P50.8 billion.
“The company’s growth momentum was propelled by its real estate business, with residential sales expanding by 18 percent to P36.8 billion, with a strong 34 percent growth during the last quarter of the year,” Megaworld said.
Residential pre-sales grew 49 percent to P119 billion, which the company stressed exceeded its target of P110 billion.
Megaworld said residential projects in Boracay Newcoast in Boracay Island; Paragua Coastown in San Vicente, Palawan; The Mactan Newtown in Cebu; The Upper East in Bacolod; Capital Town in San Fernando, Pampanga; and Maple Grove in General Trias, Cavite comprised the biggest chunk of pre-sales performance last year.
Megaworld launched two townships in 2022 — the three-hectare Winford Resort Estate in the City of Manila and the 340-hectare Sherwood Hills in Trece Martires, Cavite. These bring its mixed-used development to 30, covering more than 5,100 hectares across around country.
“We have exceeded our targets across all business segments last year and we remain optimistic that we can hit or even exceed our pre-pandemic numbers this year,” said Kevin Tan, Megaworld chief strategy officer.
Tan said the company’s Megaworld Premier Offices generated rental income of P12.2 billion, up 11 percent from P11.1 billion the prior year.
Megaworld Lifestyle Malls, on the other hand, grew 51 percent to P3.4 billion.
“The remarkable growth was mainly driven by increased spending and higher foot traffic as the malls resume normal operations almost all throughout the year. New tenant concepts have been a major highlight of 2022 especially for Uptown Mall and McKinley Hill. During the year, the Company also closed deals with Landers Superstore, particularly the launch of the first Landers Superstore in Western Visayas inside The Upper East township in Bacolod City,” Tan said.
“Megaworld Hotels & Resorts, likewise, posted a milestone growth of 35 percent as revenues soared to P2.6 billion in 2022, compared to P1.9 billion the previous year. This also exceeded its pre-pandemic hotel revenues of P2.5 billion recorded in 2019,” Tan added.
He said the growth was largely driven by the sustained performance of in-city hotels and the pickup in meetings, incentives, conferences and exhibitions activities as well as a remarkable increase in food and beverage revenues.. – Ruelle Castro
