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Megaworld exceeds targets, nets P14.4 billion in 2022

Ralf Rivas

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Megaworld exceeds targets, nets P14.4 billion in 2022

Megaworld Corporation

Megaworld Corporation plans to launch more townships and expand to other cities in 2023

MANILA, Philippines – Megaworld Corporation chief strategy officer Kevin Tan said the property developer exceeded its targets in 2022, with its net income growing 7% to P14.4 billion.

Megaworld’s consolidated revenues recorded an annual growth of 17% to P59.5 billion. Residential sales expanded by 18% to P36.8 billion, while residential pre-sales surged 49% to P119 billion.

Its office business generated P12.2 billion in rental income, an 11% increase year-on-year. The robust performance came from growing transactions from both traditional and business process outsourcing tenants.

Megaworld’s mall business saw a 51% growth in revenues to P3.4 billion, as a result of higher foot traffic and resumption of normal mall operations. 

The hotel segment posted a 35% growth in revenues to P2.6 billion, even exceeding the pre-pandemic revenues of P2.5 billion. This was due to more meetings and conferences and an increase in food and beverage revenues.

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

Before the pandemic or in 2019, Megaworld’s net income stood at P19.3 billion, while consolidated revenues were at P67.3 billion.

Megaworld currently has 30 townships in the Philippines. – Rappler.com

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Ralf Rivas

A sociologist by heart, a journalist by profession. Ralf is Rappler's business reporter, covering macroeconomy, government finance, companies, and agriculture.