Megawide to pursue more big-ticket infrastructure

MANILA, Philippines — Megawide Construction Corp. will continue to pursue big-ticket infrastructure projects, along with the economy’s recovery, officials said during the company’s annual stockholders meeting.

“Although the last two years proved to be very difficult, with a prolonged pandemic, a nuisance legal case, and a devastating typhoon, we remained agile and relentless in completing our mission,” said Megawide chairman Edgar Saavedra.

Saavedra said infrastructure development is sustainable amid different cycles and would remain a priority under the new administration.

From less than five percent pre-pandemic, the infrastructure share in the company’s order book grew to 17 percent as of 2021.

“We intend to increase this share further as we book more big-ticket items, such as the Metro Manila Subway Project and, hopefully, other government rail packages. We are also shifting our efforts towards enhancing public transport infrastructure in the Philippines, which we believe is critical to our economic recovery,” Saavedra said.

Megawide signed the contract for Contract Package 104 of the Metro Manila Subway Project last May, together with Japanese joint venture partners Tokyu Construction Co. Ltd. and Tobishima Corp. The company is actively exploring strategic locations that will enhance inter and intra-island connectivity in the Philippines, creating a hub-and-spoke model with the Parañaque Integrated Terminal Exchange at the center.

In the airport segment, meanwhile, Megawide is expecting a boost in international numbers at MCIA, particularly with the opening of the thrice-weekly Cebu-Istanbul route via Turkish Airlines and the return of the daily Cebu-Dubai route via Emirates.

Megawide reported consolidated revenues of P15.4 billion in 2021, 21 percent higher year-on-year, amid a persistent pandemic.

The construction segment recorded revenues of P14.3 billion, 32 percent more than the previous year, as the industry came out as one of the major drivers of economic growth in 2021.

Infrastructure projects like the Malolos-Clark Railway Project and the Aglipay Sewage Treatment Plant likewise reported steady progress during the year. The airport and landport businesses, on the other hand, continued to be affected by restricted travel and transport as well as limited economic activities, resulting in weaker financial performances.