This number, according to Megaworld, is a 139% increase compared to 2013.
Megaworld's Las Piñas City township Alabang West
Andrew Tan’s real estate brand Megaworld Corporation recently announced a 139% increase in their net income for 2014, bringing them to Php 21.6 billion, which includes the Php 12.1-billion non-recurring gain, compared to 2013. Minus the non-recurring gain, the company’s net income reportedly increased by 14% to Php 9.4 billion. This also reflects an 18% annual growth since 2009 in a span of five years, according to the property giant.
“Our income growth last year was driven by both real estate sales and rental income,” Megaworld chairman and CEO Andrew Tan said. “We have a more diversified real estate sales mix that is propelled by our integrated urban township developments in Metro Manila, Cebu and Iloilo as well as tourism-related projects in Tagaytay and Boracay."
An increase of 15% to Php 41 billion was also seen in the brand’s consolidated revenues excluding non-recurring gain. This is the result of increased sales by 16% year-on-year to Php 25.6 billion and rental income growth by 17% to Php 7 billion.
“Continued growth in our office and mall leasable space will provide the catalyst for exceeding P10-billion in rental income in 2016. Last year also saw the consolidation of Global-Estate Resorts, Inc. (GERI), Empire East Land Holdings, Inc. (ELI) and Suntrust Properties, Inc. (SPI) under Megaworld. This enabled us to strengthen our land bank nationwide," Tan noted.
“We expect to maintain similar growth momentum generated in the past, achieving a double-digit net income growth every year on the back of a stronger and bigger township portfolio,” he added.
Aside from celebrating their 25th anniversary, Megaworld also launched several townships last year, including Las Piñas City's Alabang West; Tanza, Cavite's Suntrust Ecotown; and Lanang, Davao City's Davao Park District. The developer also announced of late their plans to build two townships in Bacolod, two more in Luzon, and one in Mindanao, which will increase their township portfolio count to 20 by the end of 2015.