In 2023, Megaworld achieved its best-ever financial performance
In 2023, Megaworld Corp., a prominent real estate player in the Philippines, achieved unprecedented financial success, marking a historic milestone with a net income of P19.4 billion, a remarkable 26 percent increase compared to the previous year. The company, led by Andrew Tan, witnessed a significant surge in net income attributable to its parent company’s shareholders, reaching P17.3 billion, a notable 29 percent rise from the preceding year’s P13.5 billion. Megaworld’s total revenues soared to P69.7 billion, marking a substantial 17 percent year-on-year growth, driven by robust performance across all its core business segments.
Kevin Tan, the CEO of Megaworld’s parent company, Alliance Global Group, emphasized that 2023 was a pivotal year for the company, showcasing its strategic adaptability and innovative product offerings. He expressed confidence in Megaworld’s ability to navigate changing landscapes and pursue further growth sustainably and qualitatively.
Megaworld’s ambitious expansion plans materialized with the launch of projects worth P72.6 billion in 2023, a significant 61 percent increase from the previous year and surpassing the company’s P60 billion target. Additionally, Megaworld continued to enrich its township developments to ensure enduring revenue streams.
The company’s real estate sales surged to a record-breaking P42.7 billion, reflecting a robust 16 percent year-on-year increase, while reservation sales exceeded expectations, reaching P139 billion, surpassing the set target of P130 billion.
Megaworld’s leasing revenues reached unprecedented levels in 2023, with Megaworld Lifestyle Malls and Megaworld Premier Offices contributing a combined total of P17.9 billion, marking a notable 14 percent increase. Mall revenues were particularly strong at P5.3 billion, driven by a rebound in retail operations and tenant sales. Office revenues saw a modest three percent growth to P12.6 billion, amidst challenges faced by the country’s office industry.
Meanwhile, Megaworld Hotels & Resorts experienced significant growth, with revenues surging by 46 percent to P3.8 billion, attributed to the company’s well-positioned hotel offerings and improving occupancy rates and room rates.
Megaworld boasts a diverse portfolio, comprising 31 master-planned integrated urban townships, lifestyle communities, and estates across the Philippines, reaffirming its position as a leading developer in the country’s real estate landscape.
Business News: In 2023, Megaworld achieved its best-ever financial performance
