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Manila Bulletin devider Business devider The Stock Market devider Megaworld posts P5-B profit, divests AGI shares

Megaworld posts P5-B profit, divests AGI shares

Published May 9, 2024 09:54 am

Tycoon Andrew Tan’s Megaworld Corporation, the country’s leading township developer, posted a 10 percent improvement in net income to P5.02 billion during the first quarter of 2024 from the P4.56 billion in the same period last year. 

In a disclosure to the Philippine Stock Exchange, the firm said its attributable net income stood at P4.4 billion from P4.1 billion, marking an 8 percent growth year-on-year.

AGI Kevin tan.jpg
Kevin L. Tan, chief executive officer of Megaworld’s parent company Alliance Global Group

“We started 2024 by consolidating our strength and forging stability for our core businesses as we look forward to many more opportunities for growth in the coming years,” said Kevin L. Tan, chief executive officer of Megaworld’s parent company Alliance Global Group. 

He added that, “This year, we hope to finish 2024 with 35 townships to coincide with our 35 years in the Philippine real estate industry.”

Consolidated revenues grew by 16 percent to almost P19 billion as core businesses registered solid growth during the period.

Real estate sales rose by 29 percent to P12.1 billion, driven by strong bookings and unit sales, while leasing revenues grew 6 percent to P4.6 billion during the quarter compared to the same period last year.

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Megaworld Lifestyle Malls revenues improved by 20 percent to P1.5 billion, driven by higher tenant sales and improved occupancy of 93 percent, while Megaworld Premier Offices revenues were on the same level at P3.2 billion.

Megaworld Hotels & Resorts revenues, on the other hand, grew by 39 percent to P1.1 billion compared to P813 million in the same period last year. 

This rapid rise was largely buoyed by the growth of MICE (Meetings, Incentives, Conventions, Exhibitions) activities and local tourism especially in Boracay Newcoast, highlighted by the strong bookings of the Boracay Newcoast Convention Center during the period. 

In a separate disclosure, Megaworld said it sold 35.27 million shares of AGI back to the parent company equivalent to a 0.39 percent interest in AGI for P9.70 per share or a total of P342.12 million.

AGI disclosed that that purchase was from the open market and was made pursuant to AGI’s Share Buy-Back program. The disposition divests MEG of its shares in AGI.
 

Related Tags

Alliance Global Group Inc. Megaworld Corporation Kevin L. Tan
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