Megaworld, led by bilyonaryo Andrew Tan, has achieved remarkable growth in the first quarter as its earnings surpassed pre-pandemic levels for the first time.
The real estate giant recorded a net income of P4.6 billion, marking a 30 percent increase compared to the same period last year.
The robust growth was witnessed across all core businesses, resulting in a 24 percent rise in revenues, totaling P16.2 billion for the quarter.
What makes this achievement even more noteworthy is that Megaworld’s performance during this three-month period represents a complete recovery from the pre-pandemic era.
Revenues and net income have soared to levels nine percent and 11 percent higher, respectively, compared to the first quarter of 2019.
Kevin Tan, chief strategy officer of Megaworld, highlighted the firm’s adaptability and agility in seizing opportunities presented by the evolving business landscape.
A significant factor contributing to Megaworld’s success was the completion of multiple projects, which fueled a remarkable 17 percent year-on-year increase in real estate sales, amounting to P9.4 billion.
Megaworld has already accomplished 30 percent of its ambitious P130 billion year-end pre-sales target within the first quarter.
The leasing segment also demonstrated notable growth, with revenues expanding by 18 percent to reach P4.4 billion, primarily driven by the outstanding performance of the mall segment.
Looking ahead, Megaworld is determined to sustain its strong growth trajectory and aims to achieve a record-breaking performance by the end of the year.
