Megaworld 2021 profit gains 36%, with resorts arm rebounding

Megaworld, a Philippines property developer, said its 2021 net income rose 36 percent with its hospitality arm showing a strong rebound from the pandemic.

Megaworld is a unit of Alliance Global and is involved in the development of the Westside City project in Manila’s Entertainment City, as well as the Newcoast development on Boracay, which is hoping to host one of two planned casinos in the tourism hot spot.

Group net income came in at PHP14.4 billion, while revenues were up 17 percent to PHP43.5 billion. In 4Q21, revenue surged 37 percent as all core businesses registered double digit growth.

Source: https://agbrief.com/news/philippines/09/03/2022/megaworld-2021-profit-gains-36-with-resorts-arm-rebounding/