Megaworld Corporation's Q12024 Net Income Climbed to P5 Billion, Up 10%

Megaworld, the country's top township developer, had its net income increase to P5.0 billion in the first quarter of 2024, up 10% from the same time the previous year. The parent company's net income attributable to shareholders was P4.4 billion, an 8% increase over the previous year.

Consolidated revenues increased by 16% to about P19 billion as core companies performed well during the period.

Real estate sales increased by 29% to P12.1 billion in the quarter, led by robust bookings and unit sales, while leasing income increased by 6% to P4.6 billion compared to the same period the previous year.

Megaworld Lifestyle Malls revenues increased by 20% to P1.5 billion, led by stronger tenant sales and 93% occupancy, while Megaworld Premier Offices revenues remained stable at P3.2 billion.
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Megaworld Hotels & Resorts' revenues, on the other hand, increased by 39% to P1.1 billion from P813 million at the same time last year. This quick development was mostly driven by the expansion of MICE (Meetings, Incentives, Conventions, and Exhibitions) activities and local tourism, particularly in Boracay Newcoast, as seen by the Boracay Newcoast Convention Center's strong reservations throughout the period. With a seating capacity of 1,200, the Boracay Newcoast Convention Center is widely regarded as one of the most modern and expansive MICE facilities on Boracay Island.

“We started 2024 by consolidating our strength and forging stability for our core businesses as we look forward to many more opportunitiesfor growth in the coming years. This year, we hope to finish 2024 with 35 townships to coincide with our 35 years in the Philippine real estate industry,” says Kevin L. Tan, chief executive officer, Alliance Global Group, the parent company of Megaworld.

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).