Megaworld's Subsidiary GERI Posts PHP2.1 Billion Net Income In 2023

Integrated tourism and leisure townships developer Global-Estate Resorts, Inc. (GERI), a subsidiary of Megaworld Corporation, has reported obtaining a steady net income amounting to PHP2.1 billion in 2023.

GERI also disclosed to the PSE that its consolidated revenues grew to PHP8.3 billion. I Image: Global-Estate Resorts, Inc.

GERI also disclosed to the Philippine Stock Exchange (PSE) that its consolidated revenues grew to PHP8.3 billion.

Meanwhile, its net income to the parent company’s shareholders amounted to PHP1.8 billion, reflecting modest growth compared to the previous year.

More vertical residential projects were booked compared to the higher-margin horizontal projects booked the year before, the company said. GERI underscored that this exceptional growth was propelled by strong performances across its business segments, including real estate, rental, and hotel operations.

It reported that its real estate sales reached PHP6.5 billion, while reservation sales hit PHP19.2 billion in 2023. Meanwhile, the hotel segment's revenues amounted to PHP567 million.

Additionally, leasing revenues reached PHP552 million.

Monica T. Salomon, President of GERI, emphasized that the company remains dedicated to enhancing its townships and delivering value to its stakeholders. Salomon revealed that they are looking forward to launching more projects in new locations very soon.

GERI currently boasts nine tourism estates and integrated lifestyle communities across the country, including Twin Lakes in Laurel, Batangas; Southwoods City in Biñan, Laguna and in Carmona, Cavite; Alabang West in Las Piñas City; Boracay Newcoast in Boracay Island, Aklan; Sta. Barbara Heights in Sta. Barbara, Iloilo; Eastland Heights in Antipolo, Rizal; The Hamptons Caliraya in Lumban-Cavinti, Laguna; Arden Botanical Estate at the boundary of Trece Martires and Tanza in Cavite; and Sherwood Hills in Trece Martires, Cavite.