Megaworld says 2024 earnings hit P21.67B, up 11.7%

LISTED PROPERTY developer Megaworld Corp. saw its attributable net income for 2024 rise by 11.7% to P21.67 billion, driven by revenue growth from the company’s residential business.

“Moving forward, we will set our eyes on more innovations as well as on how we can collaborate to further innovate, but still keeping our commitment to care for our people and our communities,” Megaworld President Lourdes Gutierrez-Alfonso said in a stock exchange filing on Wednesday.

Megaworld attributed its 2024 results to the continued expansion of its core businesses, particularly in real estate, leasing, and hospitality.

The company’s total revenue climbed 17.2% to P81.69 billion from P69.73 billion in 2023, mainly lifted by real estate sales.

Broken down, real estate sales logged a 19.4% growth to P50.99 billion from P42.72 billion in 2023, accounting for most of the company’s revenue for the period.

Rental revenue rose by 10.3% to P19.68 billion from P17.85 billion in 2023, while revenues from hotel operations increased by 34.1% to P5.11 billion from P3.81 billion in 2023.

“In 2024, aside from delivering record results as we celebrated our 35 years in the Philippine real estate industry, we also pushed the boundaries of innovation across our townships and bannered new developments that truly help contribute to nation-building,” Ms. Gutierrez-Alfonso said.

According to Megaworld, real estate sales remained the company’s primary growth driver, mainly due to rising demand for residential properties in both Metro Manila and key provincial locations.

In 2024 alone, Megaworld launched four expansive developments across the country, adding approximately 400 hectares to its land holdings.

These additions brought Megaworld’s township portfolio to 35 and expanded its total land bank to nearly 7,000 hectares.

The property developer’s leasing portfolio also gained momentum in 2024 as it attracted more high-profile tenants. Megaworld noted that its lifestyle malls welcomed about 50,000 square meters of new tenant store openings.

Furthermore, Megaworld’s hotels and resorts contributed to the company’s growth through the expansion of MICE (meetings, incentives, conventions, and exhibitions) facilities.

At the local bourse, shares in the company closed 2.29% higher at P1.79 apiece. — Ashley Erika O. Jose