GERI's first half 2022 income up 32% to P848-M
Real estate sales, hotel revenues propelled GERI’s growth during the first six months of 2022
Global-Estate Resorts, Inc. (GERI), a Megaworld subsidiary and the country’s leading developer of master-planned integrated tourism-estates, registered a net income of P848 million during the first half of 2022, a 32% increase from the P643 million recorded in the same period last year. Its net income attributable to the parent company during the first two quarters of the year also grew by 24% year-on-year to P748 million from last years’ P604 million.
Consolidated revenues came in at P3.0 billion, reflecting a 22% year-on-year improvement from P2.4 billion last year.
The improved performance was backed by strong real estate sales during the first six months of the year, reflecting a 29% increase to P2.3 billion. Residential and commercial properties in Boracay Newcoast, Eastland Heights, Twin Lakes and Arden Botanical Estate also saw increased demand as reservation sales reached P8.4 billion.
Rental income also saw growth at P212 million, an 11% increase from last year’s P190 million, attributed to the further reopening of the economy.
Hotel revenues posted the biggest growth from year-ago levels, posting a 253% increase to P158 million as compared to the same period last year, largely driven by the return to leisure and increasing tourist arrivals.
“We are seeing the tourism and leisure market gain momentum, benefiting our company which is best-positioned to accommodate this return and influx of tourist arrivals,” says GERI President Monica T. Salomon. “Likewise, the continued improvement in mobility has allowed for higher completion of our residential projects, particularly during the second quarter,” she adds.
Just recently, the company also opened its first convention facility, the Boracay Newcoast Convention Center, which will be operated by its hotel properties inside the 150-hectare Boracay Newcoast.
“We are keen on having more facilities that will further boost tourism in our various estates around the country,” reveals Salomon.
Today, GERI has eight (8) integrated tourism developments 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); and The Hamptons Caliraya in Lumban- Cavinti, Laguna (300 hectares); and Arden Botanical Estate at the boundary of Trece Martires and Tanza in Cavite (251 hectares).