Helmed by one of the Philippines' wealthiest, Andrew Tan, property giant Megaworld Corp. issued that its net income in 2014 doubled to P21.6 billion.
Capped at P9.03 billion in 2013, this newer figure marks an uptick of 139 percent, buoyed by robust sales, rental income, and a non-recurring gain of P12.1 billion which came from Megaworld's various subsidiaries and the sale of Travellers International Hotel Group Inc. to Alliance Global Group, Tan's holding company.
"Last year was a milestone for us. With Megaworld celebrating its 25th anniversary, we raked in record earnings and managed to grow our land bank to over 4,000 hectares," said Tan, chairman and CEO of the realty firm.
"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," Tan continued.
Megaworld launched five new townships in 2014 and has its eye on another five for the year ahead. Two are located in Luzon; another two are set to rise in Visayas; the last is in Mindanao. Two of this year’s forthcoming townships -- Upper East and Northhill, both in Bacolod -- have already been introduced.
The company has previously announced plans to have 20 townships across the country by 2020. Likewise, the developer intends to have 20 malls -- one in each township -- completed by the same year. It has a P230-billion capital spending program to this end.
To view Megaworld's developments in Property 24, you may click here.