Megawide 2024 Net Income Doubled at P538 Million

Megawide Construction Corporation generated a net income of P538 million for the full year 2024 – doubled the P269 million reported the previous year. Consolidated revenues for the period amounted to P22.1 billion, 18% higher as growth was recorded across the board. Earnings before interest, taxes, depreciation, and amortization or EBITDA rose to P4.70 billion from P2.81 billion in 2023 

“The broad-based growth achieved last year shows our ability to adapt to changing business landscapes, particularly in the office leasing and real estate markets, to sustain our momentum. We complemented this with operational prudence to ensure that our topline gains will be preserved, as we navigate through global and local uncertainties,” said Megawide Chairman and CEO Edgar Saavedra.

Construction revenues reached P21.0 billion – 16% more than 2023 as project completion remained on track – and contributed 95% to total. Within construction, the pre-cast and construction solutions (PCS) segment likewise exhibited a 28% revenue growth to P5.22 billion as external clients contributed 61% compared with 38% in 2023.

Real estate operations under PH1 World Developers, Inc. (PH1) delivered revenues of P711 million – more than four times the previous year – driven by the steady revenue conversion of sales from projects, like My Enso Lofts, The Hive, Northscapes, Modan Lofts, and One Lancaster Park. The total cumulative take-up of P11.0 billion as of end-2024 are expected to sustain revenue generation in the coming years.

Landport operations at the Paranaque Integrated Terminal Exchange (PITx) contributed P355 million, attributed to healthy occupancy levels. Commercial spaces were 98% leased-out, which contributed to strong passenger spending at P39.0 per passenger. Office towers ended with a 60% occupancy amid the effectivity of the POGO-ban by end-December 2024.

Meanwhile, operational efficiency initiatives, coupled with strict cost rationalization and expense management measures, contained the growth in overhead expenses to 14%. This resulted in higher operating income at P1.60 billion and an improvement in operating margin to 7%.

The Company is looking forward to more ventures into scalable and responsive business platforms, anchored on its engineering and construction DNA and PCS advantage. Megawide recently listed its Series 6 Preferred Shares in the Philippine Stock Exchange, proceeds of which will be used to refinance maturing obligations and partially fund the Company’s growth pipeline. Megawide’s order book ended at P43.5 billion as of end 2024 after securing P17.2 billion worth of new contracts for the year, including its foray into the Pambansang Pabahay para sa Pilipino Household (4PH) program under PH1, located in Imus, Cavite. Megawide is also undertaking Phase 1 of the Cavite Bus Rapid Transit (BRT) system project that will serve the Cities and Municipalities of Imus, General Trias, Tanza, Kawit, Trece Martires, and surrounding areas in Cavite. The development also connects to Metro Manila via PITx.

Megawide is among the most innovative engineering and infrastructure companies in the Philippines. Publicly listed since 2011, Megawide is the private partner of the Philippine Government for major public infrastructure projects such as the PPP for School Infrastructure Project Phases 1 and 2; the multi-year developments of Mactan-Cebu International Airport and the Parañaque Integrated Terminal Exchange; and the construction of Clark International Airport. In 2012, the company established Megawide Corporate Foundation, Inc., a non-profit organization focusing on social development projects.