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Megaworld attributable income rises 0.2% to P13.5 billion

MEGAWORLD Corp. on Wednesday reported a net income of P13.46 billion for 2022, higher by 0.2% than the earlier year’s P13.43-billion profit attributable to shareholders.

Its after-tax net income rose by 6.9% to P15.37 billion from the P14.38 billion registered in 2021 as revenues across its business segments grew by double digits.

“We have exceeded our targets across all business segments last year and we remain optimistic that we can hit or even exceed our pre-pandemic numbers this year,” Kevin Andrew L. Tan, the company’s chief strategy officer, said in a press release.

Total revenues surged by 17.3% to P59.53 billion from P50.75 billion as real estate sales, rental income, hotel operations, interests, and other income sources exceeded the figures in the previous year.

However, costs and expenses grew much higher at 21.4% to P44.15 billion from P36.38 billion previously.

Among Megaworld’s business segments, real estate, especially residential sales, drove growth by expanding by 18% in 2022 to P36.8 billion.

In 2022, the township developer launched two urban projects — the 3-hectare Winford Resort Estate in Manila, and the 340-hectare Sherwood Hills in Cavite.

“Certainly, we will be launching more townships this year as we look forward to expanding our offerings to more cities across the Philippines,” Mr. Tan said.

Megaworld Premier Offices recorded an 11% increase in rental income to P12.2 billion last year from P11.1 billion in the previous year due to “growing transactions” from both traditional and business process outsourcing tenants.

Meanwhile, Megaworld Lifestyle Malls grew its revenue by 51% to P3.4 billion, mostly driven by increased consumer spending and higher foot traffic.

Revenues from Megaworld Hotels & Resorts increased by 35% to P2.6 billion in 2022 from P1.9 billion in the previous year, on the sustained performance of in-city hotels and the pickup in meetings, incentives, conferences, and exhibitions or MICE activities.

On Wednesday, Megaworld shares closed 0.99% or two centavos lower at P2.00 apiece. — Adrian H. Halili

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