Megaworld’s first-half profit up 18%

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Megaworld Corp. Billionaire Andrew Tan said he was on track to recover pre-pandemic business volume, with first-half profits jumping 18% to 5.9 billion pesos.

Gains were boosted by buoyant office rentals and the surge in residential sales as the builder launched homes worth 21 billion pesos from January to June this year.

“For the first time since the pandemic, we achieved double-digit growth across all business segments,” Kevin L. Tan, chief strategy officer of Megaworld, said in a statement on Tuesday.

“This is a clear indication that we are on track in our goal to finally return to pre-pandemic levels of our core businesses,” he added.

The promoter recorded a net income of 8.3 billion pesos in the first half of 2019.

Megaworld, one of the nation’s leading builders of planned townships or mixed-use projects, said residential sales remained the “largest” contributor to earnings in the first half of the year.

Real estate sales reached 17 billion pesos, up 26% from the same period in 2021.

Megaworld said booking sales, an indicator of future revenue, added 38% to 51 billion pesos.

“As the economy continues to recover, Megaworld maintains its positive outlook for the future as we build on the company’s consistent performance with the aim of exceeding our targets for the rest of the year. ‘year,” Tan said.

The company’s office segment also recorded a 15% increase in revenue to reach 6 billion pesos. This was attributed to the continued growth of the outsourcing industry, which helped the developer maintain a 91% occupancy rate.

Its shopping centers generated 1.5 billion pesos in rental income, up 41% in the first half.

Resorts and hotels also saw a 49% jump in revenue to 1.1 billion pesos.

“This was due to the consistent performance of its hotels in the city and the increase in leisure-related activities,” Megaworld said.

Megaworld operates 11 hotel properties with approximately 4,000 rooms in Metro Manila, Cebu, Boracay, Tagaytay and Iloilo.

To date, Megaworld has 28 planned integrated urban townships and communities across the country.

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