Megawide Construction Corp. doubled its net income to P538 million in 2024, from P269 million in 2023, driven by strong construction activity, rising demand for pre-cast solutions, higher real estate revenues, and stable earnings from terminal operations.
Revenues also grew by 18 percent in 2024 to P22.1 billion as all business segments posted gains.
“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 chief executive Edgar Saavedra.
Construction revenues climbed 16 percent to P21 billion, contributing 95 percent of the total. The pre-cast and construction solutions (PCS) segment posted a 28 percent increase in revenues to P5.22 billion. External clients contributed 61 percent compared with 38 percent in 2023.
The company’s order book stood at P43.5 billion at the end of 2024, after securing P17.2 billion in new contracts.
These include its first project under the 4PH housing program in Imus, Cavite, and Phase 1 of the Cavite Bus Rapid Transit (BRT) system connecting key cities and towns to Metro Manila via PITx.
Meanwhile, PH1 World Developers, Inc., the real estate arm, generated P711 million in revenues, more than four times the previous year’s figure.
The growth came from sales conversion of projects like My Enso Lofts, The Hive, Northscapes, Modan Lofts, and One Lancaster Park.
PH1 recorded a reservation sales of P11 billion as of end-2024.
Landport operations at PITx contributed P355 million, supported by 98 percent leased-out commercial space.
Office occupancy ended at 60 percent following the implementation of the POGO ban in December 2024.
Megawide raised P5.3 billion from issuance of Series 6 preferred shares last month, which all be used to fund growth and refinance debt.
