GERI earnings rise 32% in 1H

Published August 12, 2022, 2:06 AM

by James A. Loyola

Megaworld subsidiary Global-Estate Resorts, Inc. (GERI), the country’s leading developer of integrated tourism-estates, registered a 32 percent growth in net income to P848 million during the first half of 2022 from P643 million in the same period last year.

In a disclosure to the Philippine Stock Exchange, the firm said attributable net income during the first two quarters of the year grew by 24 percent to P748 million from last years’ P604 million.

Consolidated revenues came in at P3 billion, reflecting a 22 percent year-on-year improvement from P2.4 billion last year.

The improved performance was backed by strong real estate sales during the first six months of the year or 29 percent increase to P2.3 billion as reservation sales reached P8.4 billion.

Rental income also saw growth at P212 million, an 11 percent increase from last year’s P190 million, attributed to the further reopening of the economy.

Hotel revenues posted the biggest growth from year-ago levels, posting a 253 percent increase to P158 million as compared to the same period last year, largely driven by the return to leisure and increasing tourist arrivals.

“We are seeing the tourism and leisure market gain momentum, benefiting our company which is best-positioned to accommodate this return and influx of tourist arrivals,” said GERI President Monica T. Salomon.

She added that, “Likewise, the continued improvement in mobility has allowed for higher completion of our residential projects, particularly during the second quarter.”

Just recently, the company also opened its first convention facility, the Boracay Newcoast Convention Center, which will be operated by its hotel properties inside the 150-hectare Boracay Newcoast.

“We are keen on having more facilities that will further boost tourism in our various estates around the country,” said Salomon.