Megaworld, the country’s pioneer developer of integrated townships, posted a net income of P4.6 billion in the first quarter of this year to surpass its quarterly performance during the pre-pandemic levels for the very first time.
This figure was up 30 percent from P3.5-billion during the same period last year as all core businesses registered strong topline growth, a press release from the firm said.
Consolidated revenues grew by 24 percent o P16.2-billion.
The company’s performance in the first quarter of 2023 marks its full recovery from its pre-pandemic performance. Consolidated revenues and net income are already 9 percent and 11 percenhigher, respectively, compared to the first quarter of 2019, the press release said.
Net income attributable to the parent company’s shareholders stood at P4.1-billion and also grew by 33 percent compared to the same period last year.
“We start the year strong as we continue sustaining the recovery momentum of our businesses and finally grow past our pre-pandemic performance for the first time since the pandemic began in 2020. This affirms our position in the industry and ability to quickly adapt in this new environment and capture opportunities,” Kevin L. Tan, Megaworld chief strategy officer, said..
Real estate sales for the quarter grew by 17 percent year-on-year to P9.4-billion, driven by the higher completion rate of its projects. Similarly, residential pre-sales surged by 71 percent to P39.6-billion in 1Q23 and already accounts for 30 percen of the company’s year-end pre-sales target of P130-billion.
The company saw renewed demand in Metro Manila during the quarter especially in its projects in McKinley West and Uptown Bonifacio, Taguig City.
Leasing revenues, on the other hand, grew by 18% to P4.4-billion with the growth led by the performance of the mall segment.
To date Megaworld has 30 master‐planned integrated urban townships, which include The Upper East (34 hectares) in Bacolod City and Northill Gateway (50 hectares) in the boundaries of Bacolod City and Talisay City in Negros Occidental.*