Andrew Tan’s realty arm posts healthy profit amid strong recovery in hospitality, retail sectors

Megaworld Corp. of ultra bilyonaryo Andrew Tan grew its six-month earnings by 18 percent to P5.9 billion as all core businesses registered double digit growth for the first time since the pandemic.

A leading developer of integrated urban townships, Megaworld registered P27.5 billion in revenues, up 23 percent on strong residential sales, mall and office rentals, and hotel operations.

Andrew Tan’s nightmare has just begun: BIR says tax probe on Megaworld’s Taguig property sale, transfer now ‘ongoing’

Megaworld chief strategy officer Kevin Tan said the first half results show that the company’s core businesses are on track to return to pre-pandemic levels.

The residential segment remained the primary contributor to Megaworld’s first half earnings, with real estate sales jumping 26 percent year-on-year to P17 billion.

From January to June, Megaworld has already injected about P21 billion worth of additional inventory into the market and has generated P51 billion in reservation sales or an increase of 38 percent year on year.

Andrew Tan drops P6.3B for office buildings, hotels in Q2 from Megaworld’s cash hoard

Rental income from offices improved by 15 percenti to P6 billion with the BPO sector continuing to grow in spite of the pandemic.

Rental income from lifestyle malls surged 41 percent to P1.5 billion due to higher foot traffic and the resumption of operations of more retailers.

For its hotels and resorts, Megaworld reported a 49 percent jump in revenues to P1.1 billion on the back of the consistent performance of its in-city hotels and the increase in leisure-related activities.

Andrew Tan buys back over P50M Megaworld shares due to heavy foreign selling sparked by aborted BIR closure order

“As the economy continues to recover, Megaworld maintains its positive outlook for the future as we build on the company’s consistent performance with an aim to go beyond our targets for the rest of year, ” said the younger Tan.