Megaworld reports 11.7% net income growth, targets new developments

Megaworld Corp., led by Andrew Tan, reported a 11.7 percent year-on-year growth in net income to P21.67 billion for 2024, driven by revenue growth from its real estate, leasing, and hospitality businesses.

Real estate sales rose by 19.4 percent to nearly P51 billion due to high demand for residential properties in Metro Manila and key provincial areas, with four new developments adding approximately 400 hectares to the portfolio.

Leasing revenues increased by 10.3 percent to P19.68 billion as Megaworld Premier Offices and Lifestyle Malls attracted prominent tenants, while hotel operations revenue surged by 34.1 percent to a record P5.11 billion.

Megaworld president Lourdes Gutierrez-Alfonso emphasized the company's commitment to innovation and collaboration for further growth in 2025, highlighting significant milestones such as the grand opening of Grand Westside Hotel.

The company plans to expand with at least two more townships in over 300 hectares of land in key areas across Luzon and Visayas this year.