Megaworld’s GERI Net Income Up 45% to P1.6B in 2017
April 2, 2018
Company continues to develop expansive land bank into tourism, leisure communities across the Philippines
Global-Estate Resorts, Inc. (GERI), Megaworld’s integrated tourism and leisure brand, continuously soared its net income to record high as it grew 45% to P1.6-billion (inclusive of P113-million non-recurring gain) last year from P1.1-billion (inclusive of P82.5-million non-recurring gain) in 2016. The company’s net income attributable to parent on the other hand reached P1.5-billion in 2017, up 56% from the previous year’s P966-million. GERI’s growing number of tourism estates and integrated lifestyle communities backed by expansive land bank have been the company’s backbone for growth since it was consolidated into the Megaworld Group in 2014.
GERI’s exceptional growth was mostly attributed from its real estate sales, which comprised more than 70% of the business. Residential sales grew to P4.5-billion in 2017, up 4% from the previous year’s P4.4-billion, mostly from the residential projects in Alabang West, Boracay Newcoast and Twin Lakes. Moreover, the company continued to aggressively complete its residential projects during the year as realized gross profits from prior years’ sales soared 112% to P819-million compared to the previous year’s P386-million.
“In the next three years, we will be introducing more integrated lifestyle communities where nature becomes the focal point of our developments. Our existing land bank offers abundant nature reserves that we want to further nurture and preserve as part of our communities,” reveals Monica Salomon, president, GERI.
GERI also posted record rental income in 2017 as it grew 54% to P161-million from the previous year’s P105-million. The company opened its first full-scale mall in 2017, the P2-billion Southwoods Mall in Southwoods City, Biñan, Laguna. Branded under the umbrella of Megaworld Lifestyle Malls, it is the first and only full-scale mall development within the Biñan-Carmona area, complete with its own state-of-the-art cinemas, food hall and supermarket.
Late last year, GERI launched its new ‘integrated lifestyle community’, the 300-hectare The Hamptons Caliraya in Lumban-Cavinti, Laguna. The sprawling community surrounding Lake Caliraya will have lakeside residential villages and villas, a town center and two 18-hole golf courses and clubhouse.
It will also have its own Marina Club that offers a wide range of water sports activities such as boating, jet ski and kayaking, as well as its own shophouse district and resort hotel district.
It also launched the 11-hectare Hamptons Village where lakeside lots with their own private boat docks are being offered.
GERI currently has five (5) tourism estates and two (2) integrated lifestyle communities across the country covering around more than 3,000 hectares of land: Boracay Newcoast in Boracay Island, Aklan (150 hectares); Twin Lakes in Alfonso, Batangas near Tagaytay (1,200 hectares); Southwoods City on the boundaries of Carmona, Cavite, and Biñan, Laguna (561 hectares); Sta. Barbara Heights in Sta. Barbara, Iloilo (173 hectares); Alabang West in Las Piñas (62 hectares); Eastland Heights in Antipolo, Rizal (640 hectares); and The Hamptons Caliraya in Lumban-Cavinti, Laguna (300 hectares).
Source: https://www.megaworldcorp.com/megaworlds-geri-net-income-up-45-to-p1-6b-in-2017/
