Megawide’s core net income hits P269m as revenues rise 26%

MEGAWIDE Construction Corp. said Monday it posted a net income attributable to parent equity holder of P283.5 million in 2023, down 92 percent from P3.577 billion in 2022 when it booked off-gains.

Megawide said its core net income reached P269 million in 2023, a reversal from the P2-billion net loss the previous year, minus the one-time gain it booked in 2022 from the sale of the Mactan-Cebu International Airport.

Megawide said in a stock exchange filing its consolidated revenues climbed 26 percent year-on-year to P18.6 billion from P14.8 billion in 2022.

The performance was driven by the construction business, which delivered P18.1 billion in revenue, accounting for 97 percent of the total.

This was complemented by improved landport operations and initial contribution from the real estate segment, which recorded P348 million and P149 million, respectively.

“Our EPC [engineering, procurement and construction] business sustained a robust performance as progress on existing projects went as planned,” Megawide chairman and chief executive Edgar Saavedra said.

“Based on our timelines, 2024 will continue to reflect increased completion and should translate to higher revenues based on the S-curve. In addition, our pre-cast and construction [PCS] unit continued to build its external portfolio, helping boost performance from the construction segment,” said Saavedra.

The group’s construction unit signed new projects in 2023, bringing total order book to P43.1 billion.

The landport business also showed an improvement 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. Jenniffer B. Austria