Megaworld posts strong H1 with ₱6.7B profit

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Metro Manila (CNN Philippines, August 9) – Tycoon Andrew Tan's Megaworld Corp. kept its momentum in the first six months of 2022, with earnings jumping by 26% after its core business registered double-digit growth.

In a statement released Tuesday, the property giant said net income for the period climbed to ₱6.7 billion, higher than the ₱5.4 billion booked for the same period last year.

Megaworld also saw its consolidated revenues increase by 23% to ₱27.5 billion in the first half following its solid performance in its residential sales, mall and office rentals, and hotel operations.

The group's residential segment continued to lead the pack as real estate sales surged to a whopping ₱17 billion, significantly higher than the ₱13.5 billion generated in the same period in 2021.

To maintain this growth, Megaworld further boosted its portfolio with ₱21 billion worth of additional inventory in the segment.

The group's mall and office rentals also received a boost during the period as the government moved to drop tougher COVID restrictions.

"For the first time since the pandemic, we have achieved double digit growth across all business segments," said Kevin Tan, chief strategy officer of Megaworld.

"This is a clear indication that we are on the right track in our goal to finally go back to the pre-pandemic levels of our core businesses," he added.

Megaworld currently has 28 master-planned integrated urban townships, integrated lifestyle communities, and lifestyle estates across the country.