MEGAWIDE Construction Corp. recorded P562 million in net income in the first nine months of 2024, 69 percent higher than the previous year.
Megawide said the performance was driven by higher consolidated revenues at P16.3 billion complemented by lower costs and expense management.
These resulted in a 126-percent growth in operating profit to P1.98 billion and improvement in operating margin to 12 percent from 6 percent last year.
This brought consolidated earnings before interest, taxes, depreciation and amortization to P3.65 billion, 29 percent higher than the same period in 2023.
The construction segment delivered P15.5 billion and contributed 96 percent to consolidated revenues.
“Strong macro-economic growth, coupled with easing interest rates, were supportive of business expansion and bode well for construction. In addition, we are also benefitting from the government’s infrastructure development and renewable energy capacity build-up, which we hope to capitalize on moving forward,” said Edgar Saavedra, Megawide president and chief executive officer.
Landport operations delivered revenues of P386 million and contributed 2 percent to consolidated revenues. This came largely from rental of retail spaces at the terminal area which was boosted by consistently increasing foot traffic at an average of 136,000 daily in the first nine months of the year and improvement in office leasing.
Revenue from PH1 World Developers (PH1) steadily rose to P377 million from P36.5 million last year and contributed 2 percent to consolidated revenues.
