Megawide Construction Corp. posted a slight dip in its net income in the first half of the year, closing at P436.41 million, or 0.27 percent down from the P437.58 million last year.
The construction and diversified services company said that revenues hit P8.6 billion, down 24.62 percent from P11.41 billion last year, as projects under construction entered the tail-end of their life cycle.
“Based on our performance in the first six months of the year, we are on track to outpace our net income from the previous year,” Edgar Saavedra, Megawide chairman and chief executive officer (CEO) said in a statement on Wednesday.
Construction operations contributed P7.3 billion and accounted for 85 percent of total consolidated revenues.
“The performance was traced to the winding down phase for a number of ongoing projects, which generally churn in lower revenues based on the S-Curve but deliver higher margins,” the company said.
Megawide stated that revenue from real estate operations hit P1.1 billion – more than 3x from the comparative period in 2024 – coming from ongoing projects, such as My Enso Lofts, The Hive, Northscapes, Modan Lofts, One Lancaster Park and Lykke Condo.
“With healthy sales at P1.7 billion for the first half – 64 percent higher year on year – this brought unbooked revenues to a healthy level of P8.8 billion,” it said.
Landport operations, meanwhile, posted P217 million in revenues, 6 percent higher than last year’s P204.72 million.
“The segment benefitted from the steady influx of passengers in the terminal, which averaged 164.8 thousand by end June and translated to a higher spend per passenger at P34.7. Commercial occupancy remained healthy at 98 percent while signed contracts for office spaces were at 47 percent,” the company said.
As of end June 2025, Megawide has a construction order book of P37.7 billion. New contracts amount to P2 billion from Towers 2 and 3 of PH1 World Developers Inc.’s (PH1) Modan Lofts Ortigas Hills and Citicore’s Lucanin Solar Power Plant, together with Battery Energy Storage Systems for Bolbok and Lumbangan solar plants.
“Megawide is currently bidding for high-value projects estimated at P20 billion, which will shore up its year-end order book to P50 billion,” Saavedra said. Megawide broke ground for the Caticlan Airport Terminal last July, that would serve as springboard for other transport infrastructure projects in the future.
