Megaworld Corporation, the country’s pioneer builder of townships, reported a 16 percent growth in net income for the first nine months of 2024 to P15.69 billion, from P13.5 billion in the same period last year, as all its key businesses improved.

In a disclosure to the Philippine Stock Exchange (PSE), the firm said that, in the third quarter alone, net income grew even faster by 26 percent year-on-year to P5.87 billion.

Attributable net income in the first nine months of the year rose 14 percent to P13.73 billion and was up by 25 percent in the third quarter of 2024 compared to the same period last year.

Consolidated revenues for the nine-month period climbed 23 percent to P59.78 billion, underscoring the company’s strategic execution and its ability to drive growth across its diversified portfolio, including residential, leasing, and hotel segments.

Third-quarter revenues also rose 25 percent year-on-year to P20.69 billion.

Megaworld’s real estate segment remains a key driver of the strong performance, with sales rising by 30 percent to P37.85 billion in the first nine months and also up by 31 percent to P13 billion during the third quarter year-on-year.

The firm said, “this strong growth reflects the sustained demand across Megaworld’s township developments, with residential sales reflecting the market’s continued preference for quality, integrated living experiences offered by Megaworld’s ‘LIVE-WORK-PLAY’ townships.”

Leasing revenues also contributed to the company’s overall growth, reaching P14.16 billion for the nine-month period, up by 6.5 percent year-on-year. Third-quarter leasing revenues, likewise, grew by 7.4 percent year-on-year.

Megaworld Lifestyle Malls led this growth with a 16 percent increase in revenues to P4.52 billion during the first nine months of 2024, and 11 percent growth during the third quarter. This is mainly driven by rising operational occupancy rates and tenant sales.

Meanwhile, Megaworld Premier Offices maintained steady growth, achieving P9.63 billion in the first nine months and P3.32 billion during the third quarter, reflecting an almost six percent growth year-on-year.

Megaworld Hotels and Resorts saw a 38 percent increase in revenues to P3.64 billion, the fastest growth in Megaworld’s portfolio during the first nine months of the year, and a 37 percent growth to P1.28 billion during the third quarter.

This is mainly driven by its strategy focused on the global tourism market and expanding MICE (Meetings, Incentives, Conventions, and Exhibitions) capacity.

In line with its growth strategy, Megaworld launched two tourism-related townships in the first nine months of 2024: Lialto Beach and Golf Estates in Lian, Batangas, and San Benito Private Estate in Lipa, Batangas.

Recently, Megaworld also expanded its township portfolio further to the north with the launch of its 34th township, Ilocandia Coastown, an 84-hectare integrated lifestyle community in Laoag, Ilocos Norte.

“These strategic developments are integral to Megaworld’s forward-looking strategy, positioning the company for sustained, long-term growth. Our goal is to expand our portfolio in every key region in the country, generate more jobs in these localities, and help build the communities,” said Kevin L. Tan, president and CEO of Alliance Global Group Inc., the parent company of Megaworld.

“Our performance this year highlights the value of our well-rounded approach. By expanding in areas that matter—residential, commercial, and hospitality—we’re not only building momentum but also creating meaningful communities across the country," said Megaworld President Lourdes Gutierrez-Alfonso.

“We look forward to a strong 2024 with a clear focus on seizing new opportunities for growth that will benefit our stakeholders and the communities we serve,” she added.