Property giant Megaworld Corporation has reported a surge in its net income, soaring by 26% year-on-year to reach ₱19.4 billion in 2023.
In a report to the Philippine Stock Exchange (PSE), Megaworld revealed consolidated revenues of ₱69.7 billion, marking a substantial 17% rise from the previous year.
Megaworld attributes its financial performance to double-digit growth across all core businesses, with real estate sales hitting a record high of ₱42.7 billion, surging by 16% year-on-year.
Reservation sales have reached ₱139 billion, surpassing the company’s set target of ₱130 billion.
Megaworld also highlighted its commitment to long-term revenue generation through the expansion of its township offerings.
Kevin Tan, CEO of Alliance Global Group, Megaworld’s parent company, expressed their commitment to sustaining momentum, focusing on sustainable and quality growth.
“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,” Tan said in a statement.
In 2023, Megaworld launched Baytown Palawan in Puerto Princesa City, a six-hectare development overlooking Puerto Princesa Bay, marking the 31st township for the company.
Megaworld’s expansion continued with the introduction of new projects totaling ₱72.6 billion, a remarkable 61% increase from the previous year’s ₱45 billion.
This includes projects like Positano Mactan at The Mactan Newtown in Cebu, valued at ₱2.2 billion, and Paragua Sands Hotel at Paragua Coastown in San Vicente, Palawan, with a valuation of ₱4.2 billion.
