Megaworld profit climbs to P19 billion

MANILA, Philippines — Growth in recurring income businesses and steady residential revenue bookings lifted earnings of property giant Megaworld Corp. by six percent to P19 billion in the first nine months.

Megaworld’s revenues for the nine-month period improved by three percent to P66.5 billion, with office, mall and hotel operations contributing to growth alongside real estate sales.

“Our nine-month results demonstrate the strength of Megaworld’s township model and the importance of prudent financial management in delivering growth amid property market and macroeconomic headwinds,” Megaworld president and CEO Lourdes Gutierrez-Alfonso said.

The company’s hospitality business, now under Megaworld Global Hotels and Resorts, remained its fastest-growing recurring income segment, with hotel revenues increasing by 12 percent year-on-year to P4.6 billion.

Megaworld Lifestyle Malls saw a nine percent jump in rental revenues to P5.5 billion, driven by high portfolio occupancy of 95 percent and a 10 percent rise in average daily tenant sales.

Almost 36,000 square meters of new store openings were added to its mall portfolio during the nine months, broadening the offerings available to township residents, office workers and visitors.

Office rental revenues improved by seven percent to P11.9 billion, driven by strong take-up from global capability centers.

As of September, Megaworld has secured renewals covering approximately 90 percent of office leases scheduled to expire in 2026, indicating tenant retention across its office portfolio and strengthening rental income visibility.

Even amid property market headwinds, residential pre-sales grew by nine percent year-on-year to P96.6 billion, with provincial projects accounting for nearly half of total pre-sales.

Megaworld said the nine-month pre-sales figure is already equivalent to over 77 percent of its P125 billion full-year target.

Real estate sales bookings also expanded to P40.6 billion, supported by steady construction progress across ongoing developments.

Gutierrez-Alfonso said financial discipline remains central to Megaworld’s strategy, balancing investments in its townships with the need to preserve liquidity and maintain a sound balance sheet.

“This approach gives us the flexibility to navigate near-term challenges while pursuing opportunities that create long-term value for our shareholders,” she said.