Edgar Saavedra’s Megawide Construction Corp. continued its recovery in the first nine months of 2023, reversing last year’s P970.4 million net loss with a net income of P332.5 million.
Megawide’s return to profitability was driven by revenues of P15.6 billion during the nine-month period, a 47 percent increase year-on-year.
Construction contributed the bulk of the company’s consolidated revenues at 97 percent, while landport operations accounted for 3 percent.
Aligned with the company’s strategy of pursuing higher-value and longer-term projects that deliver more stable and higher income streams, Megawide’s construction revenues from January to September surged by 47 percent to P15.2 billion.
Landport operations at the Paranaque Integrated Terminal Exchange (PITX), on the other hand, generated 23 percent higher revenues at P339.7 million amid healthy commercial and office occupancies.
Serving as a key junction for commuters, PITX recorded a high daily passenger throughput of more than 106,000 as of September.
Meanwhile, Megawide’s revenue from newly consolidated real estate operations amounted to P36.5 million for the nine-month period. This amount represents the two months’ share in the performance of PH1 World Developers Inc., which the company acquired in July 2023.
“Our growth trajectory remains intact, with our pursuit of big-ticket infrastructure projects, like the Malolos-Clark Railway Project and soon the Metro Manila Subway, and high-value commercial developments, such as the Westside City Resorts Complex, materializing,” Saavedra said.
“We are confident that over the long term, this direction will unlock a strong and steady earnings momentum for the EPC segment,” he added.”