Megaworld 2024 income reaches P21.7B

INQUIRER FILE PHOTO

MANILA, Philippines — Megaworld Corp. posted a 12-percent growth in its 2024 net income to P21.7 billion as a result of its core businesses’ expansion.

In a stock exchange filing on Wednesday, the developer said its revenues also jumped by 17 percent to P81.7 billion, buoyed by growth in its real estate, leasing and hospitality units.

Real estate sales reached nearly P51 billion, up by 19 percent, due to strong demand for residential properties both in Metro Manila and key provincial locations.

READ: Megaworld cues launch of two more townships

Leasing revenues rose by 10 percent to P19.7 billion on the back of Megaworld Premier Offices and Megaworld Lifestyle Malls attracting “high-profile” tenants.

Its hospitality business under Megaworld Hotels and Resorts likewise saw its revenues surge by 34 percent to a record P5.1 billion.

“Moving forward, we will set our eyes on more innovations as well as on how we can collaborate to further innovate, but still keeping our commitment to care for our people and our communities,” Megaworld president Lourdes Gutierrez-Alfonso said in a statement.

In 2024, Megaworld launched four townships across the country, bringing its township portfolio to 35 overall. This brought the company’s total land bank to nearly 7,000 hectares.