Global Estate Resorts' profits exceed pre-pandemic level in 2022

MANILA, Philippines — Global-Estate Resorts Inc. (GERI) reported a double-digit profits growth last year that even surpassed pre-pandemic levels.

In a disclosure to the stock exchange on Friday, the leisure and tourism estate unit of property giant Megaworld Corp. said it netted P2.1 billion in 2022, up 40% year-on-year.

Last year’s bottom-line exceeded the company’s earnings in 2019, or before the pandemic struck and upended the tourism industry.

Figures showed consolidated revenues grew 47% on-year in 2022 to P7.3 billion, which the company attributed to “sustained recovery” of all its core businesses.

“We have finally grown our income past our pre-pandemic level as we successfully positioned our company and captured the growing demand in the tourism and leisure market,” Monica Salomon, company president, said.

Dissecting GERI’s financial results, real estate sales went up 59% compared with a year ago to P5.9 billion in 2022, as the company completed more projects.

Last year, GERI launched the first phase of its 38.8-hectare Prana Garden Villas, a luxury residential village inside the 340-hectare Sherwood Hills township in Trece Martires, Cavite, with a project value of P1.4-billion.

It also launched Caliraya Springs Residential Estates at The Hamptons Caliraya in Cavinti, Laguna, with a project value of P1.1-billion.

With more finished projects, reservation sales grew 9% year-on-year to P18.8 billion. GERI reported that the final quarter of 2022 saw sales amount to P5.2 billion due to “strong demand”.

Leasing revenues, likewise, grew double-digit by 12% to P456.0-million from last year’s P409.0-million.

Shares in GERI finished the weekly trading up 1.15% to P0.88 each.