MANILA -The leisure and tourism arm of billionaire Andrew Tan’s Megaworld Corp. saw earnings zoom past the prepandemic level last year as the reopening of the economy, coupled with the revenge travel trend, lifted profits by 40 percent.
Megaworld subsidiary Global-Estate Resorts Inc. (GERI) said in a stock exchange filing on Friday that 2022 net income ended at P2.1 billion, up from P1.5 billion the previous year.
This was also higher than its prepandemic net income of P1.9 billion in 2019.
“We have finally grown our income past our pre-pandemic level as we successfully positioned our company and captured the growing demand in the tourism and leisure market,” GERI president Monica T. Salomon said in the filing.
GERI ended the year with revenues of P7.3 billion, up 47 percent.
The bulk of the amount came from real estate sales, which jumped 59 percent to P5.9 billion.
The company’s hotel revenues also grew three nearly three times to over P420 million. GERI said this was driven by “the pickup in mobility and the rise of tourist arrivals in the country.”
Leasing revenues in 2022 rose 12 percent to P546 million, the filing showed.
“In 2023, we look to setting new records for GERI as we continue to expand our offerings in the market,” Salomon said.
Revenues for the year were poised to grow as the company booked a 9 percent increase in reservation sales to P18.8 billion.
A large portion of the amount was recorded in the latter part of 2022 after the developer launched residential and commercial properties in Boracay Newcoast, Eastland Heights, Southwoods City, Twin Lakes, and Arden Botanical Estate.
It also launched Caliraya Springs Residential Estates at The Hamptons Caliraya in Cavinti, Laguna, with a project value of P1.1-billion, The Lindgren Phase 3 at Arden Botanical Estate in Tanza, Cavite, with a project value of P2.8-billion, Eastland Heights Phase 2H Village at Eastland Heights in Antipolo, Rizal, with a project value of P377-million.
GERI ended the year with nine tourism estates and lifestyle communities spanning over 3,300 hectares.
These were Twin Lakes in Laurel, Batangas (1,200 hectares); Southwoods City in Biñan, Laguna and Carmona, Cavite (561 hectares); Alabang West in Las Piñas City (62 hectares); Boracay Newcoast in Boracay Island, Aklan (150 hectares); Sta. Barbara Heights in Sta. Barbara, Iloilo (173 hectares); Eastland Heights in Antipolo, Rizal (640 hectares); The Hamptons Caliraya in Lumban-Cavinti, Laguna (300 hectares); Arden Botanical Estate at the boundary of Trece Martires and Tanza in Cavite (251 hectares); and Sherwood Hills in Trece Martires, Cavite (340 hectares).