Megaworld 9-Month Income Hits ₱15.6 Billion

Megaworld, the country's pioneer township builder, reported strong nine-month and Q3 results as all key business segments showed growth.

Megaworld launched two tourism-focused townships in the first nine months of 2024: Lialto Beach and Golf Estates in Lian, Batangas, a 150-hectare development for beachside and golf living; and San Benito Private Estate in Lipa, Batangas, a 25-hectare wellness community in partnership with The Farm at San Benito in line with its growth strategy. I Photo: The Farm at San Benito

The property giant’s net income for the first nine months of 2024 soared 16% to P15.69 billion, while third-quarter net income grew 26% year-over-year to P5.87 billion. Net income attributable to the parent company rose to P13.73 billion, a 14% increase from the prior year, with third-quarter growth at 25% compared to the same period last year.

Consolidated revenues for the nine-month period increased to P59.78 billion, up 23%, demonstrating Megaworld's ability to drive growth across its diversified portfolio, which includes residential, leasing, and hotel segments.

Q3 revenues also rose to P20.69 billion, a 25% year-over-year increase.

Megaworld’s real estate segment was a key growth driver, with sales up 30% to P37.85 billion in the first nine months and up 31% to P13 billion in Q3 year-over-year.

This growth reflects sustained demand across Megaworld’s township developments, with residential sales underscoring the market’s preference for integrated living experiences in Megaworld’s 'LIVE-WORK-PLAY' townships.

Leasing revenues also contributed to overall growth, reaching P14.16 billion for the nine-month period, a 6.5% year-over-year increase.

Third-quarter leasing revenues rose 7.4% year-over-year, driven by Megaworld Lifestyle Malls, which saw a 16% increase in revenues to P4.52 billion in the first nine months and an 11% rise in Q3 due to higher occupancy rates and tenant sales.

Megaworld Premier Offices maintained steady growth, achieving P9.63 billion in revenue in the first nine months and P3.32 billion in Q3, reflecting nearly 6% year-over-year growth.

Megaworld Hotels and Resorts posted the fastest growth, with a 38% revenue increase to P3.64 billion in the first nine months and a 37% rise to P1.28 billion in Q3. This was driven by a strategy focused on global tourism and expanding MICE (Meetings, Incentives, Conventions, and Exhibitions) capacity.

In line with its growth strategy, Megaworld launched two tourism-focused townships in the first nine months of 2024: Lialto Beach and Golf Estates in Lian, Batangas, a 150-hectare development for beachside and golf living; and San Benito Private Estate in Lipa, Batangas, a 25-hectare wellness community in partnership with The Farm at San Benito.