MEGAWORLD Corp. reported a 64.9% increase in its third-quarter attributable net income to P4.14 billion from P2.51 billion in the previous year, driven by the growth of its business segments.
In a disclosure to the local bourse on Thursday, the listed company reported gross revenues of P15.41 billion, up 12.2% from P13.74 billion a year ago.
“We are optimistic that we will reach our record revenues by the end of the year across our businesses as we continue to capture opportunities within and beyond Metro Manila,” said Kevin L. Tan, chief executive officer of Alliance Global Group, the parent company of Megaworld, in a statement.
The company recorded a net profit of P4.67 billion, an increase of 58.3% from the P2.95 billion recorded previously.
Real estate sales during the third quarter reached P9.99 billion, higher by 8.7% than the P9.19 billion in the previous year.
Meanwhile, Megaworld’s nine-month attributable net income rose by 43.3% to P12.02 billion from P8.39 billion in the same period last year.
Gross revenues likewise increased 14.7% to P44.99 billion versus the P39.23 billion recorded last year.
The company’s real estate sales jumped by 11% to P29 billion, attributed to higher project completion rates.
“The company is poised to exceed its year-end reservation sales target of P130 billion, with reservation sales in the first nine months of 2023 already growing by 28% to P109.5 billion. This figure already represents 84% of the company’s year-end goal,” Megaworld said.
This year, the company said it has launched projects valued at P69.3 billion, with three big projects being rolled out in the third quarter alone.
These are Uptown Modern in Uptown Bonifacio, Taguig City with P29-billion worth of inventory; Laurent Park in Manhattan Garden City, Quezon City with P6.5-billion worth of inventory; and Kensington Sky Garden in Upper East, Bacolod City with P2.5-billion worth of inventory.
“We still have projects to be launched before the year ends,” Mr. Tan said.
During the first three quarters, leasing revenues from Megaworld Lifestyle Malls and Megaworld Premier Offices went up by 17% to P13.3 billion and by 3% to P9.4 billion, respectively.
The company’s hotels and resorts segment posted a 51% increase in revenues to P2.6 billion, surpassing the full-year 2019 level. — Sheldeen Joy Talavera