Listed Megaworld Corp. rolled out its four-point recovery plan, called RISE, to help the company weather the impact of the global pandemic.
During its virtual stockholders’ meeting on Monday, Megaworld Chief Strategy Officer Kevin Tan highlighted the firm’s RISE plan, which stands for resilience, innovation, stability and empathy.
“Our sound financial policies and management strategies allowed us to hurdle the temporary pains of any crisis that came into our way. In this current pandemic, financial prudence is once again our pillar for resilience,” Tan said.
He noted that the company has reduced its capital expenditure to P36 billion this year from the original P60 billion by deferring some projects, streamlining its operations, and preserving cash.
Tan added Megaworld is further accelerating its digital transformation programs under the innovation plan.
The property giant recently introduced Agile Digital Ventures, which serves as its wholly owned digital investment subsidiary.
Meanwhile, as part of its stability plan, Tan assured that they would continue to maintain a strong balance sheet and strengthen their land banking initiatives.
“Today, we are also focused on completing and delivering the projects that we have committed to our residential and commercial customers. This will also ensure steady revenue stream for our company,” Tan added.
Its empathy plan, on the other hand, is focused on prioritizing the health and wellness of the company’s workforce.
Megaworld saw its net income decline by 34 percent in the first half to P5.9 billion from P8.9 billion in the same period last year.
Likewise, it recorded a 25-percent slump in its first semester revenues to P23.8 billion from P31.7 billion in 2019.
“Our strong financial standing puts us in an exceptionally good position to weather the crisis and take advantage of the opportunities that will arise once recovery begins. The crisis also served to highlight the value of our offerings,” Megaworld Chairman and Chief Executive Officer Andrew Tan said.
Shares of Megaworld shed 7 centavos or 2.28 percent to P3 apiece on Monday.