Megawide Construction Corp. (Megawide) saw its net income soar to P538 million in 2024, more than doubling the P269 million posted in 2023, fueled by robust growth across its construction, real estate, and landport divisions.
In a stock exchange filing on Friday, the company said consolidated revenues rose 18 percent to P22.1 billion, with all business units posting gains. EBITDA climbed to P4.7 billion from P2.81 billion.
“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,” Megawide Chairman and CEO Edgar Saavedra said.
Construction remained the company’s main driver, with revenues reaching P21 billion—up 16 percent and accounting for 95 percent of total revenues. Precast and construction solutions (PCS) rose 28 percent to P5.22 billion, as external clients made up 61 percent of PCS revenue, up from 38 percent.
Real estate under PH1 World Developers, Inc. generated P711 million in revenue—over four times higher than in 2023—driven by projects like My Enso Lofts and The Hive. PH1’s total take-up reached P11 billion as of end-2024.
Landport operations at PITx brought in P355 million, with 98 percent of commercial spaces leased and average passenger spending at P39. Office occupancy ended at 60 percent following the POGO ban in December 2024.
Cost controls helped keep overhead expenses up by just 14 percent, raising operating income to P1.6 billion and boosting the operating margin to 7 percent.
Megawide said it will continue building on its engineering strengths and PCS platform. It recently listed its Series 6 Preferred Shares to help refinance debt and support its expansion pipeline.
The company’s order book hit P43.5 billion by end-2024, backed by P17.2 billion in new contracts, including the 4PH housing project in Cavite and Phase 1 of the Cavite Bus Rapid Transit system.