Megaworld Corporation 9M24 Profits Up 16% to P15.7 Billion, Eyes More Expansion

Megaworld, the country’s pioneer builder of townships, reports a strong nine-month and third quarter results as all key businesses achieved growth during these periods.

The property giant’s net income for the first nine months of 2024 soared 16% to P15.69-billion while in the third quarter alone, net income grew even faster by 26% year-on-year to P5.87- billion. Net income attributable to parent company in the first nine months of the year rose to P13.73-billion, registering a 14% growth from the previous year. Likewise, net income attributable to parent company during the third quarter was also up by 25% compared to the same period last year.

Consolidated revenues for the nine-month period climbed to P59.78-billion, up 23%, underscoring the company’s strategic execution and its ability to drive growth across its diversified portfolio, including residential, leasing, and hotel segments. Third quarter revenues also rose to P20.69-billion, up 25% year-on-year.

Megaworld’s real estate segment remains a key driver of the strong performance, with sales rising by 30% to P37.85-billion in the first nine months and also up by 31% to P13-billion during the third quarter year-on-year. This strong growth reflects the sustained demand across Megaworld’s township developments, with residential sales reflecting the market’s continued preference for quality, integrated living experiences offered by Megaworld’s ‘LIVE-WORKPLAY’ townships.

Leasing revenues, meanwhile, also contributed to the company’s overall growth, reaching P14.16-billion for the nine-month period, up by 6.5% year-on-year. Third quarter leasing revenues, likewise, grew by 7.4% year-on-year.

Megaworld Lifestyle Malls led this growth with a 16% increase in revenues to P4.52 billion during the first nine months of 2024, and 11% growth during the third quarter. This is mainly driven by rising operational occupancy rates and tenant sales. Megaworld Premier Offices, meantime, maintained a steady growth, achieving P9.63-billion in the first nine months and P3.32-billion during the third quarter, reflecting an almost 6% growth year-on-year.

Megaworld Hotels and Resorts saw a 38% increase in revenues to P3.64-billion, the fastest growth in Megaworld’s portfolio during the first nine months of the year, and 37% growth to P1.28-billion during the third quarter. This is mainly driven by its strategy focused on the global tourism market and expanding MICE (Meetings, Incentives, Conventions, and Exhibitions) capacity.

In line with its growth strategy, Megaworld launched two tourism-related townships in the first nine months of 2024: Lialto Beach and Golf Estates in Lian, Batangas, which is a 150- hectare development designed for premier beachside and golf lifestyle living; and San Benito Private Estate in Lipa, Batangas, a 25-hectare active wellness community in partnership with the world-renowned The Farm at San Benito.

Recently, Megaworld also expanded its township portfolio further to the north with the launch of its 34th township, Ilocandia Coastown, an 84-hectare integrated lifestyle community in Laoag, Ilocos Norte. With this latest addition, Megaworld cements its position in three of the country’s fastest-growing regions based on the latest data released by the Philippine Statistics Authority: Central Visayas, Western Visayas, and the Ilocos Region.

“These strategic developments are integral to Megaworld’s forward-looking strategy, positioning the company for sustained, long-term growth. Our goal is to expand our portfolio in every key region in the country, generate more jobs in these localities, and help build the communities,” says Kevin L. Tan, president and CEO, Alliance Global Group, the parent company of Megaworld.

“Our performance this year highlights the value of our well-rounded approach. By expanding in areas that matter—residential, commercial, and hospitality—we’re not only building momentum but also creating meaningful communities across the country. We look forward to a strong 2024 with a clear focus on seizing new opportunities for growth that will benefit our stakeholders and the communities we serve,” says Lourdes Gutierrez-Alfonso, president, Megaworld.

Megaworld earlier announced that it is ending the year with 35 townships, just as the company celebrates its 35 years in the Philippine real estate industry.