MANILA - Megaworld Corp on Wednesday said its net income jumped 36 percent to P14.4 billion in 2021 on the back of strong real estate sales, office rentals and hotel revenues.
Consolidated revenues rose 17 percent to P50.8 billion from P43.5 billion the previous year, it said in a disclosure to the stock exchange.
In 2021, the Andrew Tan-led group said it launched 11 new residential and commercial lot projects with a total sales value of P28 billion taking advantage of the resumption of economic activities.
Malls and hotels were among the industries badly hit by mobility restrictions imposed during the peak of COVID-19 infections.
“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,” Megaworlds chief strategy officer Kevin Tan said.
"In 2021, we shifted gears from pandemic management to restarting our growth trajectory and our initiative on this front have begun to bear fruit," he added.
Megaworld also listed its REIT company MREIT in 2021 on the Philippine Stock Exchange.