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Megaworld hopeful to exceed pre-pandemic levels in 2023

Philippine real estate developer Megaworld Corp. said it is optimistic to exceed pre-pandemic numbers this year, following the 7% climb in its bottom line and the double-digit growth in its top line in 2022.

In an emailed statement, Megaworld said its net income rose to P15.4 billion from P14.4 billion in the previous year, as consolidated revenues recorded annual growth of 17% to P59.5 billion.

“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,” Megaworld chief strategy officer Kevin Tan said.

Its real estate business posted 18% growth in its sales to P36.8 billion, with residential pre-sales up 49% to almost P119 billion.

Megaworld launched two townships in the past year—the three-hectare Winford Resort Estate in Manila, and the 340-hectare Sherwood Hills in Trece Martires, Cavite.

“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.

Megaworld Premier Offices reported an 11% growth in rental income to P12.2 billion, Megaworld Lifestyle Malls saw a 51% revenue growth to P3.4 billion, and Megaworld Hotels and Resorts posted a 35% revenue growth to P2.6 billion.

The company has three primary business segments—real estate sales of residential developments; leasing of office space and rental space; and the management of hotel operations.

Its subsidiaries and associates include Richmonde Hotel Group International Limited, Eastwood Cyber One Corporation, Empire East Land Holdings Inc., Global-Estate Resorts Inc., and Bonifacio West Development Corp.

Shares in Megaworld closed Wednesday at P2.00 apiece, down by 2 centavos from Tuesday’s finish of P2.02.—AOL, GMA Integrated News