Megawide Construction Corp. posted profits of P269 million last year, reversing the prior year’s P1.87-billion loss.
The diversified infrastructure service company said revenues grew 26 percent to P18.6 billion from P14.8 billion, driven largely by the construction business which posted revenues of P18.1 billion – 97 percent of total.
“This was complemented by improved landport operations and initial contribution from the real estate segment, which recorded P348 million and P149 million, respectively,” the company said.
Earnings before interest, taxes, depreciation and amortization amounted to P3.6 billion, 919.83 percent up from P353 million the prior year.
“Our EPC – engineering, procurement and construction – business sustained a robust performance as progress on existing projects went as planned. Based on our timelines, 2024 will continue to reflect increased completion and should translate to higher revenues,” said Edgar Saavedra, Megawide chief executive officer.
“In addition, our pre-cast and construction (PCS) unit continued to build its external portfolio, helping boost performance from the construction segment,” he added.
For EPC, new projects signed in 2023 include Hotel 101 in Libis and Lumbangan Solar Power Plant, bringing its total order book to P43.1 billion as of the end of last year.
In terms of PCS, supply contracts closed last year included horizontal infrastructure projects like the Candaba Viaduct, a portion of Metro Rail Transit line 7, CP-104 of the Metro Manila Subway, and a data center — with a combined value of more than P2 billion.
Megawide said it also secured fresh “supply-and-build” contracts for pre-cast materials in three new locations of PhirstPark Homes.
Its landport business also improved as foot traffic continued to increase, reaching a high of 200,000 during the peak of holidays in December 2023 and averaged 117,000 daily by the end of the year, the company said.
“As a result, the retail area remained busy, with average spending per passenger reaching P40/pax from less than P30/pax the previous year amid a growing passenger base,” Megawide said.
