Megawide Triumphant Turnaround

Megawide Construction Corporation celebrates a triumphant 1H2023, reporting a substantial net income rebound amidst thriving construction and landport operations.

Photo Insert: Megawide Construction Corporation celebrates a triumphant 1H2023, reporting a substantial net income rebound amidst thriving construction and landport operations.

With a hefty surge in its construction operations, the listed company known for its trailblazing engineering and infrastructure projects, announced a resounding achievement in its financial performance, reporting a consolidated net income of P362.6 million for the initial half of 2023 compared to its P441 million net loss the previous year.

The company's turnaround showcases Megawide's remarkable resilience and strategic prowess with an impressive 52% revenue rise to P11.2 billion, underscoring Megawide's robust position in the construction landscape.

A significant chunk of the revenue, amounting to P10.97 billion, was attributed to construction operations, while landport operations contributed a notable P191 million to the aggregate figure.

The President and CEO of Megawide, Edgar Saavedra, expressed his optimism about the company's revival and expansion.

He remarked, "Construction is on a resolute path to recovery, and the signs are unmistakable. Our anticipation of tapping into substantial infrastructure projects, such as the eagerly awaited Metro Manila Subway Project, augurs well for our future growth. Simultaneously, our landport operations are steadily rebounding, encompassing enhanced foot traffic, heightened office occupancy, and burgeoning commercial sales. This collective progress bolsters our confidence in sustaining our positive trajectory throughout the remainder of the year."

Megawide's thriving order book, valued at an impressive P50 billion, exemplifies the company's diverse and robust project portfolio. With over half of the projects still at the 0-20% completion stage, the company is primed for a continuous stream of revenue in the upcoming quarters.

Furthermore, the acquisition of affiliate PH1 World Developers, Inc. (PH1 World) is poised to yield substantial benefits over time, contributing to revenue stability and profitability.

Saavedra emphasized the pivotal role of Megawide's property development arm, PH1 World, in shaping the company's future trajectory.

He elaborated, "The emergence of PH1 World as a significant contributor to our consolidated performance is a promising prospect. Beyond fostering synergies and ensuring long-term project visibility, PH1 World's robust pipeline will fortify the quality of our order book, minimizing contractual and collection challenges."

Established in 2011 and publicly listed, Megawide Construction Corporation stands as a beacon of innovation in the Philippine engineering and infrastructure landscape.

Renowned for its role as the private partner of the Philippine Government in major public infrastructure projects, Megawide has left an indelible mark through projects like the Public-Private Partnership (PPP) for School Infrastructure Project Phases 1 and 2, Mactan-Cebu International Airport, Parañaque Integrated Terminal Exchange (PITX), and Clark International Airport.

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