Megaworld aiming for record growth in 2023 after robust Q1

MANILA  -Billionaire Andrew Tan’s property giant Megaworld Corp. is gunning for a “record performance” in 2023 after first quarter profits climbed by a third on strong real estate sales and leasing income.

Profits during the first three months of the year jumped 33 percent to P4.1 billion while overall revenues expanded by 24 percent to P16.2 billion.

It noted that both consolidated income and revenues were also above the comparable figures before the COVID-19 pandemic arrived.

“We start the year strong as we continue sustaining the recovery momentum of our businesses and finally grow past our prepandemic performance for the first time since the pandemic began in 2020,” Kevin Tan, chief strategy officer at Megaworld, said in a statement on Wednesday.

“As we move forward, we are now focused on sustaining our strong growth and look to close the year with a record performance for Megaworld,” he added.

https://business.inquirer.net/391026/megaworld-lines-up-p60b-worth-of-projects-for-2023

Robust demand for homes in its township projects McKinley West and Uptown Bonifacio in Taguig City pushed up residential sales during the period.

Real estate sales alone rose 17 percent to P9.4 billion while presales, an indicator of future demand, soared 71 percent to nearly P40 billion.

The figure was roughly 30 percent of its full-year target. INQ