Megaworld Corp., the property development arm of billionaire Andrew Tan, said Thursday its net profit grew at a faster rate of 26 percent to P5.87 billion in the third quarter of 2024, boosted by the strong performance of residential and leasing businesses.
Nine-month net income also went up by 16 percent year-on-year to P15.69 billion, Megaworld said in a disclosure to the stock exchange.
Consolidated revenues in the nine-month period climbed 23 percent to P59.78-billion, while third-quarter sales reached P20.69 billion, up by 25 percent year-on-year.
“We look forward to a strong 2024 with a clear focus on seizing new opportunities for growth that will benefit our stakeholders and the communities we serve,” said Megaworld president Lourdes Gutierrez-Alfonso.
The group’s real estate segment registered a 30-percent growth in sales to P37.85 billion in the first nine months.
Mall revenues grew 16 percent to P4.52 billion in the nine-month period, driven by rising operational occupancy rates and tenant sales.
Revenues from office leasing business climbed 6 percent to P9.63 billion in the first nine months, while hotel and resort business contributed P3.64 billion in sales, up 38 percent year-on-year.
Megaworld launched two tourism-related townships during the period to sustain the company’s growth.
These were Lialto Beach and Golf Estates in Lian, Batangas—a 150-hectare development designed for premier beachside and golf lifestyle living and San Benito Private Estate in Lipa, Batangas—a 25-hectare active wellness community in partnership with the world-renowned The Farm at San Benito.
It also unveiled its 34th township—Ilocandia Coastown, an 84-hectare integrated lifestyle community in Laoag, Ilocos Norte.
“These strategic developments are integral to Megaworld’s forward-looking strategy, positioning the company for sustained, long-term growth. Our goal is to expand our portfolio in every key region in the country, generate more jobs in these localities, and help build the communities,” said Kevin Tan, president and chief executive of Alliance Global Group, the parent company of Megaworld.
