MEGAWIDE Construction Corp. on Wednesday said it was on track to surpass last year’s performance after posting a net income of P436 million in the first half, equivalent to 81 percent of its 2024 net income of P538 million.
Consolidated revenues for the six-month period reached P8.6 billion as several projects neared completion, while earnings before interest, taxes, depreciation and amortization stood at P2.44 billion.
“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,” Megawide Chairman and CEO Edgar Saavedra said.
“This is also partly driven by the increasing contribution from our real estate business, which is steadily emerging as a new growth driver,” he added.
“Other business segments are expected to complement our consolidated overall performance as we replenish our order book for EPC (engineering, procurement and construction) and precast and construction solutions (PCS) from both external and internal clients.”
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Construction operations contributed P7.3 billion, or 85 percent of consolidated revenues, as ongoing projects moved to the winding-down phase, which typically yields lower revenues but higher margins.
Real estate revenues surged more than threefold to P1.1 billion, driven by projects such as My Enso Lofts, The Hive, Northscapes, Modan Lofts, One Lancaster Park and Lykke Condo.
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“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,” the company told the stock exchange.
Landport operations generated P217 million in revenues, 6 percent higher than a year ago and supported by a steady rise in passenger volume that averaged 164,800 by end-June.
Average spend per passenger climbed to P34.70, while commercial occupancy remained at 98 percent and office space contract signings were at 47 percent.
Megawide said its construction order book stood at P37.7 billion, as of end-June, with new contracts worth P2 billion already secured from PH1 World Developers Inc.’s Modan Lofts Ortigas Hills, Citicore’s Lucanin solar power plant, and battery energy storage systems for the Bolbok and Lumbangan solar facilities.
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The company said it was continuing to pursue opportunities under the government’s Pambansang Pabahay Para sa Pilipino (4PH) program.
“Our foray into the 4PH is expected to help address the 6 million housing backlog and further harness synergies within the group, by boosting the order book for both EPC and PCS from the internal front,” Saavedra said.
The company recently broke ground on four new housing locations under 4PH, with two each in Bacoor and Dasmariñas in Cavite.
With the new 4PH contracts and the company’s maiden project Avesta in Imus, PH1 World is expected to deliver approximately 7,000 housing units from these projects in the next two to three years in Cavite alone, Saavedra said.
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Megawide in July also broke ground on the future Caticlan Airport Terminal, which the company expects to be a springboard for more transport infrastructure projects in the years ahead.
Shares of Megawide rose 4 centavos, or 1.96 percent, to P2.08 apiece on Wednesday, while the benchmark Philippine Stock Exchange index closed flat.
