Megaworld Earns ₱6.7B For H1
Megaworld, the Philippines’ biggest developer of integrated urban townships, posted a net income of P6.7 billion for the first half of 2022, 26% higher than the P5.4 billion registered during the same period last year.
Photo Insert: The Mactan Newtown
Attributable net income also recorded an 18% increase to P5.9 billion in the first half of this year from P5.0 billion during the first six months of 2021. Consolidated revenues for the first half of 2022 reached P27.5 billion, 23% higher from P22.4 billion during the same period the previous year.
The company’s core business all registered double-digit growth during the period, led by residential sales, mall and office rentals, and hotel operations.
“For the first time since the pandemic, we have achieved double-digit growth across all business segments. This is a clear indication that we are on the right track in our goal to finally go back to the pre‐pandemic levels of our core businesses,” says Kevin L. Tan, chief strategy officer, Megaworld.
Megaworld’s stellar performance in its residential segment remained to be the primary contributor to the sharp growth in the first half earnings as its real estate sales soared 26% to P17.0 billion in the first six months of the year compared to P13.5 billion during the same period last year.
From January to June, the company has already injected approximately P21 billion worth of additional inventory into the market and has generated around P51 billion in reservation sales, reflecting a 38% increase from year‐ago level.
The company’s surging rental income also continued to drive Megaworld’s earnings for the period by growing 19% to P7.5 billion during the first six months of the year compared to P6.3 billion during the same period last year.