Andrew Tan’s Megaworld swings to positive growth, earns P13.4B profit in 2021

Megaworld Corp., the property arm of bilyonaryo Andrew Tan, returned to familiar ground with a 36 percent jump in profit last year.

In a statement, Megaworld said net earnings rose to P13.4 billion last year from P9.9 billion in 2020 as all core businesses registered double digit growth.

Consolidated revenues grew 17 percent to P50.8 billion on strong sales. Real estate sales climbed by 25 percent to P31.1 billion as construction activities picked up during the year.

Reservation sales increased by 17 percent to P80 billion,.

“There has been a huge demand for titled lots, from both our residential and commercial offerings last year. We can see this trend to continue even this year,” said Kevin L. Tan, chief strategy officer at Megaworld.

The office segment saw rental income soar to an all-time high of P11.1 billion, closing around 236,000 square meters of new and renewal transactions.

Megaworld Lifestyle Malls, on the other hand, continued to feel the pandemic’s pinch as rental income fell 10 percent to P2.3 billion amid the lockdowns imposed during the year to curb the virus.

Meanwhile, revenues from the hotel business grew 30 percent to P1.9 billion due to the consistent performance of the company’s in-city hotels and the opening of Kingsford Hotel in the company’s Westside City township within the Entertainment City.

“In 2021, we shifted gears from pandemic management to restarting our growth trajectory, and our initiatives on this front have begun to bear fruit. As our numbers have shown, all our business segments registered significant improvements, even as we continue to provide assistance to ensure the recovery of our various stakeholders,” Tan said.

SOURCE: Bilyonaryo

Categories: andrew tan, megaworld, MREIT, REIT