Megaworld Corporation's H1-2024 Profit Up 11% to P9.81 Billion

​Property giant Megaworld reported robust financial performance for the first half of 2024. The company achieved a net income of P9.81 billion during the first half, marking an 11% increase from the same period last year. Net income attributable to shareholders of the parent company grew 9% year-on-year to P8.55 billion.

Consolidated revenues soared 22% year-on-year to P39.10 billion, highlighting the strong performance and resilience across the company’s diverse business segments.

Real estate business leads the company’s strong performance during the first half of the year. Real estate sales reached P24.82 billion, posting a 30% increase from the same period last year. This growth was driven by strong bookings and high demand for residential properties in various township developments, particularly in Taguig City, Cavite, Bulacan, Palawan, and Cebu.

During the second quarter of the year, the company launched P18.0 billion worth of residential projects. These include 9 Central Park – West Wing at Northwin Global City in Bulacan, One Portwood Residences at Newport City in Pasay City, CostaVida Residential Resort at The Mactan Newtown in Lapu-Lapu City, Cebu, Lialto Beach and Golf Estates – Phase 1 at Lialto Beach and Golf Estates in Lian, Batangas, and Sonrisa Gardens at Baytown Palawan in Puerto Princesa, Palawan.

“We continue to see robust demand for our residential properties outside of Metro Manila. Before the year ends, we hope to launch more projects in the provinces as we remain on track to finish 2024 with 35 townships,” says Lourdes T. Gutierrez-Alfonso, president, Megaworld Corporation.

Revenues from Megaworld Hotels & Resorts, meanwhile, soared by 38% to P2.36 billion during the period. The growth was driven by the resurgence of MICE (Meetings, Incentives, Conventions, Exhibitions) activities and local tourism.

In April, no less than President Ferdinand R. Marcos, Jr. led the capsule laying for the P1.5 billion Mactan Expo Center, the first and only standalone convention center in the entire province of Cebu that features a 2,500-seating capacity ideal for MICE events. Once completed by 2025, it will be managed and operated by Megaworld Hotels & Resorts.

Just this June, President Marcos also inaugurated the 1,530-room Grand Westside Hotel located at Westside City in Parañaque City. Grand Westside Hotel is the biggest hotel in the Philippines and will provide the much-needed rooms for tourists and the rising demand for MICE events in the area.

Leasing revenues, meanwhile, saw a 6% increase year-on-year during the first half of 2024, reaching P9.33 billion. Megaworld Lifestyle Mallssaw revenues increase by a strong 19% to P3.02 billion, driven by higher tenant sales and increased foot traffic. Occupancy rates remained high at 93% as of end-June 2024.

There were several new store openings in various Megaworld Lifestyle Malls across the country covering about 17,400-square meters of space during the first half of the year. Among these was the second SuperPark in the Philippines located at Venice Grand Canal in McKinley Hill, Taguig City.

Revenues from Megaworld Premier Offices, on the other hand, remained stable at P6.31 billion despite the headwinds faced by the Philippine office industry. During the first six months of the year, the company notched new leases of office spaces totaling about 55,000 square meters, mostly in McKinley Hill, Eastwood City, and The Mactan Newtown. Occupancy rate across its office developments is at 87%, higher than the current industry average.

During the first half of the year, Megaworld also launched its 32nd township, Lialto Beach and Golf Estates. This expansive 150-hectare development, located in Lian, Batangas, is set to offer a premier living experience, combining beachside living with world-class golf facilities.

Just recently, Megaworld also announced its 33rd township, the 25-hectare integrated active wellness township San Benito Private Estate, which the company will develop in partnership with the group that owns and operates the world-famous, multi-awarded medical wellness resort, The Farm at San Benito.

To date, Megaworld has 33 master-planned integrated urban townships, integrated lifestyle communities, and lifestyle estates spanning over 5,300 hectares 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), Baytown Palawan in Puerto Princesa, Palawan (6 hectares), Lialto Beach and Golf Estates in Lian, Batangas (150 hectares); and San Benito Private Estate (25 hectares) in Lipa, Batangas.