Megawide profit doubles in 2024

MANILA, Philippines — Engineering and infrastructure company Megawide Construction Corp. has doubled its profit last year following strong revenue contributions from its business operations.

Megawide reported a net income of P538 million in 2024, up by 100 percent from P269 million in the previous year.

Revenues climbed by 18 percent year-on-year to P22.1 billion as growth was recorded across the board.

“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,” Megawide chairman and CEO Edgar Saavedra said.

“We complemented this with operational prudence to ensure that our top line gains will be preserved, as we navigate through global and local uncertainties,” he said.

Megawide’s construction revenues rose by 16 percent to P21 billion in 2024 as project completion remained on track.

Within construction, the pre-cast and construction solutions segment, likewise, registered a 28-percent revenue growth to P5.22 billion on higher contribution from external clients.

Real estate operations under PH1 World Developers Inc. delivered revenues of P711 million, more than four times the previous years, fueled by the steady revenue conversion of sales from projects.

Megawide said the total cumulative take up of P11 billion as of end-2024 is expected to sustain revenue generation in the coming years.

Landport operations at the Parañaque Integrated Terminal Exchange, meanwhile, contributed P355 million on the back of healthy occupancy levels, with commercial spaces 98 percent leased-out.

Megawide recorded an order book at P43.5 billion in 2024 after securing P17.2 billion worth of new contracts for the year.

The company said it is looking forward to more ventures into scalable and responsive business platforms anchored on its engineering and construction DNA and precast and construction solutions advantage.