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Megaworld surpasses pre-pandemic levels as Q1 net income surges to P4.6B

  • May 12, 2023

#InTheKnow: Megaworld, the country’s pioneer developer of integrated townships, posted a net income of P4.6-billion in the first quarter of this year to surpass its quarterly performance during the pre-pandemic levels for the very first time. This figure was up 30% from P3.5-billion during the same period last year as all core businesses registered strong topline growth. Consolidated revenues grew by 24% to P16.2-billion.

Real estate sales for the quarter grew by 17% year-on-year to P9.4-billion, driven by the higher completion rate of its projects. Similarly, residential pre-sales surged by 71% to P39.6-billion in 1Q23 and already accounts for 30% of the company’s year-end pre-sales target of P130-billion. The company saw renewed demand in Metro Manila during the quarter, especially in its projects in McKinley West and Uptown Bonifacio, Taguig City.

“We start the year strong as we continue sustaining the recovery momentum of our businesses and finally grow past our pre-pandemic performance for the first time since the pandemic began in 2020. This affirms our position in the industry and ability to quickly adapt to this new environment and capture opportunities,” says Mr. Kevin L. Tan, chief strategy officer, of Megaworld Corporation.

Source: Official Website of Megaworld Corporation