Megaworld Reports Strong Financial Performance in H1 2024
Megaworld has reported an impressive financial performance for the first half (H1) of 2024. The company achieved a net income of P9.81 billion, reflecting an 11% increase from the same period last year. Net income attributable to shareholders of the parent company rose by 9% to P8.55 billion.
Consolidated revenues for H1 2024 soared by 22% year-on-year to P39.10 billion, underscoring the robust performance and resilience across Megaworld’s diverse business segments.
Megaworld’s real estate business was a significant contributor to this growth, with sales reaching P24.82 billion—a 30% increase from the previous year. This surge was driven by strong bookings and high demand for residential properties in various township developments, particularly in Taguig City, Cavite, Bulacan, Palawan, and Cebu.
In Q2 2024 alone, the company launched P18.0 billion worth of residential projects, including notable developments such as:
- 9 Central Park – West Wing at Northwin Global City in Bulacan
- One Portwood Residences at Newport City in Pasay City
- CostaVida Residential Resort at The Mactan Newtown in Lapu-Lapu City, Cebu
- Lialto Beach and Golf Estates – Phase 1 in Lian, Batangas
- Sonrisa Gardens at Baytown Palawan in Puerto Princesa, Palawan
Megaworld President Lourdes T. Gutierrez-Alfonso stated, "We continue to see robust demand for our residential properties outside of Metro Manila. Before the year ends, we hope to launch more projects in the provinces as we remain on track to finish 2024 with 35 townships."
Megaworld Hotels & Resorts experienced a remarkable 38% increase in revenues, reaching P2.36 billion. This growth was driven by the resurgence of MICE (Meetings, Incentives, Conventions, Exhibitions) activities and local tourism. Notably, the P1.5-billion Mactan Expo Center, set to be completed by 2025, and the recently inaugurated 1,530-room Grand Westside Hotel in Parañaque City have contributed to this sector’s success.
Leasing revenues grew by 6% year-on-year, amounting to P9.33 billion. The Megaworld Lifestyle Malls saw revenues increase by 19% to P3.02 billion, attributed to higher tenant sales and increased foot traffic. Occupancy rates remained high at 93% as of June 2024. Additionally, the company opened new stores in various malls, covering approximately 17,400 square meters of space, including the second SuperPark in the Philippines at Venice Grand Canal in McKinley Hill, Taguig City.
Despite challenges in the Philippine office industry, revenues from Megaworld Premier Offices remained stable at P6.31 billion. During H1 2024, the company secured new leases totaling about 55,000 square meters, primarily in McKinley Hill, Eastwood City, and The Mactan Newtown. The occupancy rate across its office developments stood at 87%, higher than the industry average.
In addition to its robust financial performance, Megaworld continued its expansion of township developments. The company launched its 32nd township, Lialto Beach and Golf Estates, a 150-hectare development in Lian, Batangas. This project aims to offer a premier living experience, combining beachside living with world-class golf facilities.
Megaworld also announced its 33rd township, the 25-hectare San Benito Private Estate, an integrated active wellness township in partnership with The Farm at San Benito. This development highlights the company’s commitment to enhancing the quality of life through innovative township concepts.
To date, Megaworld has developed 33 master-planned integrated urban townships, lifestyle communities, and lifestyle estates spanning over 5,300 hectares across the Philippines.
Megaworld’s subsidiaries, including the Richmonde Hotel Group International Limited, Eastwood Cyber One Corp., Empire East Holdings Inc., Global-Estate Resorts Inc., and Bonifacio West Development Corp., continue to support the company’s expansive growth and diversification.