Billionaire Andrew Tan’s real estate company, Megaworld Corp., has reported accelerated profit growth for the first half of 2023. The company saw a 34% increase in net income, reaching P7.9 billion, while total revenues reached P32 billion, up 17% compared to the same period last year. Megaworld attributed the growth to the surge in mall revenues, which rose by 71% to P2.5 billion, and the robust sales of residential properties. The company also experienced a 12% increase in real estate sales, amounting to P19.1 billion. Additionally, reservation sales increased by 49% to P76.1 billion.
Megaworld, which has developed 30 township projects across the country, launched P28.2 billion worth of projects in the first half of the year. Office rentals, on the other hand, saw modest growth of 4% to P6.3 billion, mainly due to the contributions of business process outsourcing firms. Megaworld’s hotels and resorts segment also performed well, booking revenue growth of 58% to P1.7 billion. Megaworld’s chief strategy officer, Kevin Tan, highlighted the company’s focus on strategic land banking and the development of new, innovative, and sustainable product offerings as key factors driving their growth.
