Megaworld Corporation Reported a PHP 19.4 Billion Net Income in 2023, Up 26%

The country's top township developer, Megaworld Corporation, hit a significant financial milestone in 2023 when its net income for the entire year increased by 26% to P19.4 billion. Conversely, its consolidated revenues increased by 17% to P69.7 billion. Additionally, net income attributable to the parent company's stockholders increased by 29% to P17.3 billion from P13.5 billion in the previous year. The remarkable performance is underpinned by the company’s double-digit growth across all core businesses.

“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.
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Driven by robust bookings, real estate sales surged by 16% to a record-breaking P42.7 billion. Reservation sales surpassed the P130 billion target established by the company early in the year, reaching P139 billion, up 17% year over year.
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Megaworld ensured long-term revenue production by continuing to extend its township offers last year. The business opened Baytown Palawan in Puerto Princesa City during the year, with a view of the rejuvenating Puerto Princesa Bay. The company's 31st township, spanning six hectares, is slated to introduce the dynamic Forbes Town idea, popularized by Megaworld in Bonifacio Global City (BGC), to Puerto Princesa.

In 2023, Megaworld launched new projects valued at P72.6 billion, which is 61% greater than the P45 billion from the previous year and above the P60 billion objective set by the company. Among these are the P2.2 billion Positano Mactan at The Mactan Newtown in Cebu and the P4.2 billion Paragua Sands Hotel at Paragua Coastown in San Vicente, Palawan.

On the other side, leasing income also set new records in 2023, rising to P17.9 billion, a 14% increase over the previous year, from Megaworld Lifestyle Malls and Megaworld Premier Offices combined. The recovery in retail operations and tenant sales drove a 54% increase in mall revenues to P5.3 billion, which served as the centerpiece of the increase.

In contrast, despite challenges experienced by the nation's office business throughout the year, office revenues increased by a healthy 3% to P12.6 billion.

With revenues increasing by 46% to P3.8 billion in 2023, Megaworld Hotels & Resorts continued its remarkable comeback. This noteworthy expansion emphasizes the hospitality industry's robust post-pandemic recovery and the successful hospitality practices of Megaworld Hotels & Resorts. Particularly at the Twin Lakes Hotel in Tagaytay, the Savoy Hotel in Manila, and the Belmont Hotel in Manila, the company's strategically positioned hotel offerings have improved overall occupancy and room rates by effectively capitalizing on the growing local travel and MICE activities.

“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.

​To date, Megaworld has 31 master‐planned integrated urban townships, integrated lifestyle communities, and lifestyle estates across the country, namely: Eastwood City in Libis, Quezon City, (18.5 hectares); Newport City in Pasay City (25 hectares); McKinley Hill (50 hectares), McKinley West (34.5 hectares), Uptown Bonifacio (15.4 hectares) and Forbes Town (5 hectares), all in Fort Bonifacio, Taguig City; Lucky Chinatown in Binondo, Manila (3 hectares); The Mactan Newtown in Lapu‐Lapu City, Cebu (30 hectares); Iloilo Business Park in Mandurriao, Iloilo City (72 hectares); Sta. Barbara Heights in Sta. Barbara, Iloilo (173 hectares); Boracay Newcoast in Boracay Island (150 hectares); Twin Lakes in Laurel, Batangas near Tagaytay (1,300 hectares); ArcoVia City in Pasig City (12.3 hectares); Southwoods City in the boundaries of Biñan, Laguna and Carmona, Cavite (561 hectares); Davao Park District in Lanang, Davao City (11 hectares); Alabang West in Las Piñas City (62 hectares); Eastland Heights in Antipolo, Rizal (640 hectares); Suntrust Ecotown in Tanza, Cavite (350 hectares); Maple Grove in General Trias, Cavite (140 hectares); The Hamptons Caliraya in Lumban‐Cavinti, Laguna (300 hectares); The Upper East (34 hectares) in Bacolod City; Northill Gateway (50 hectares) in the boundaries of Bacolod City and Talisay City in Negros Occidental; Capital Town Pampanga beside the Pampanga Provincial Capitol in the City of San Fernando (35.6‐ hectares); Westside City in the Entertainment City in Parañaque City (31 hectares); Empire East Highland City in Cainta, Rizal (24 hectares); Arden Botanical Estate in the boundaries of Trece Martires and Tanza, Cavite (251 hectares); Paragua Coastown in San Vicente, Palawan (462 hectares); Northwin Global City in Marilao and Bocaue, Bulacan (85 hectares); Winford Resort Estate in Manila City (3 hectares); Sherwood Hills in Trece Martires, Cavite (340 hectares), and Baytown Palawan in Puerto Princesa, Palawan (6 hectares).