GERI net income soars 40% to P2.1B, surpasses pre-pandemic levels
April 14, 2023
Megaworld subsidiary Global-Estate Resorts, Inc. (GERI) closed the year strong as it grew its net income by 40% to P2.1-billion compared to last year’s P1.5-billion, overtaking its pre-pandemic net income level of P1.9-billion in 2019. Boosted by sustained recovery of all its core businesses, consolidated revenues grew by 47% to P7.3-billion from P5.0-billion last year.
“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. In 2023, we look to setting new records for GERI as we continue to expand our offerings in the market,” says Monica T. Salomon, president, GERI.
Real estate sales surged 59% to P5.9-billion from last year’s P3.7-billion as a result of higher construction completion. Reservation sales, likewise, increased by 9% to P18.8-billion during the year, with the last quarter hitting around P5.2-billion due to the strong demand for residential and commercial properties in Boracay Newcoast, Eastland Heights, Southwoods City, Twin Lakes, and Arden Botanical Estate.
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, The Lindgren Phase 3 at Arden Botanical Estate in Tanza, Cavite, with a project value of P2.8-billion, Eastland Heights Phase 2H Village at Eastland Heights in Antipolo, Rizal, with a project value of P377-million.
Hotel revenues, on the other hand, almost tripled to P420.5-million from last year’s P146.0-million driven by the pickup in mobility and the rise of tourist arrivals in the country.
Leasing revenues, likewise, grew double-digit by 12% to P456.0-million from last year’s P409.0-million.
Today, GERI has nine (9) tourism estates and integrated lifestyle communities across the country covering more than 3,300 hectares of land namely: Twin Lakes in Laurel, Batangas (1,200 hectares); Southwoods City in Biñan, Laguna and Carmona, Cavite (561 hectares); Alabang West in Las Piñas City (62 hectares); Boracay Newcoast in Boracay Island, Aklan (150 hectares); Sta. Barbara Heights in Sta. Barbara, Iloilo (173 hectares); Eastland Heights in Antipolo, Rizal (640 hectares); The Hamptons Caliraya in Lumban-Cavinti, Laguna (300 hectares); Arden Botanical Estate at the boundary of Trece Martires and Tanza in Cavite (251 hectares); and Sherwood Hills in Trece Martires, Cavite (340 hectares).