Tycoon Andrew Tan’s property giant Megaworld Corp. reported strong financial results for the first half of 2024, with a net income of about P8.6 billion, an increase of 9 percent from last year.
The builder’s consolidated revenues grew by 22 percent to P39.10 billion, a stock exchange filing on Wednesday showed.
Real estate sales hit P24.82 billion, up 30 percent due to high demand in areas like Taguig, Cavite, and Cebu. Megaworld Hotels & Resorts saw a 38 percent revenue boost to P2.36 billion, thanks to increased tourism and events.
Leasing revenues increased by 6 percent to P9.33 billion, with a 19 percent rise in mall revenues to P3.02 billion.
Megaworld Hotels & Resorts’ revenues soared by 38 percent to P2.36 billion, driven by a resurgence in MICE (Meetings, Incentives, Conventions, Exhibitions) activities and local tourism.
Additionally, the company launched P18.0 billion in new residential projects and introduced its 32nd township, Lialto Beach and Golf Estates in Batangas.
“We continue to see robust demand for our residential properties outside of Metro Manila. Before the year ends, we hope to launch more projects in the provinces as we remain on track to finish 2024 with 35 townships,” says Lourdes T. Gutierrez-Alfonso, president, Megaworld Corporation.
