GERI posted 3% profit growth in 2023

MANILA, Philippines — Global Estate Resorts Inc. (GERI) of tycoon Andrew Tan’s Megaworld Group booked a 3-percent increase in earnings in 2023, owing to the strong performance of its real estate, rental, and hotel operations.

According to GERI, its net income improved to P1.8 billion, while revenues climbed by 14 percent to P8.3 billion.

“As we move forward, GERI remains dedicated to enhancing our townships, driving sustainable growth, and delivering value to our stakeholders,” GERI president Monica Salomon said in a stock exchange filing on Friday.

“We look forward to launching more projects in new locations very soon,” she added.

READ: Global-Estate Resorts’ 2022 earnings beat prepandemic level 

The company’s real estate sales increased by 10 percent to P6.5 billion due mainly to more bookings from Boracay Newcoast, Southwoods City and Twin Lakes.

Meanwhile, reservation sales returned to prepandemic levels at P19.2 billion, a 2.13-percent improvement from P18.8 billion in 2022, due to higher demand in its townships.

Revenues from the hotel segment surged by 35 percent to P567 million, while leasing revenues saw a 21-percent growth to P552 million.

GERI currently has nine tourism estates and integrated lifestyle communities in the Philippines covering a total of 3,300 hectares.