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Manila Bulletin devider Business devider The Stock Market devider GERI nets P1.8-B profit on stronger sales

GERI nets P1.8-B profit on stronger sales

Published Apr 12, 2024 06:46 am

Global Estate Resorts Inc. (GERI), a premier developer of integrated tourism and leisure townships controlled by Megaworld Corporation, reported a three percent improvement on attributable net income to P1.8 billion last year from the P1.79 billion earned in 2022.

In a disclosure to the Philippine Stock Exchange (PSE), the firm said it achieved a steady net income of P2.1-billion in 2023 from P2.09 billion in 2022 as more vertical residential projects were booked compared to the higher-margin horizontal projects booked the year before. 

Boracay Newcoast.JPG
GERI's Boracay Newcoast development

Consolidated revenues, on the other hand, grew by 14 percent to P8.3 billion from P7.33 billion in 2022, propelled by strong performances across its business segments, including real estate, rental, and hotel operations.

Real estate sales saw a 10 percent increase to reach P6.5 billion, driven by the continued improvement of real estate bookings from the company’s projects in Boracay Newcoast, Southwoods City, and Twin Lakes. 

Reservation sales hit P19.2 billion in 2023, marking its full recovery from 2019 and highlighting the sustained demand for GERI's innovative property offerings. 

GERI atty. monica.jpg
GERI President Monica T. Salomon

Demand for GERI’s projects in Boracay Newcoast, Twin Lakes, and Eastland Heights townships led the growth and accounted for the largest portion of the demand.

Meanwhile, the hotel segment, benefiting from the resurgence in travel and tourism, recorded a 35 percent jump in revenues to P567 million. 

Additionally, leasing revenues experienced a significant 21 percent rise to P552 million, underpinned by the growing foot traffic and tenant sales in GERI's commercial and retail spaces. 

“As we move forward, GERI remains dedicated to enhancing our townships, driving sustainable growth, and delivering value to our stakeholders. We look forward to launching more projects in new locations very soon,” said GERI President Monica T. Salomon.
 

Related Tags

Global Estate Resorts Inc. Monica Salomon Megaworld Corporation
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