The segment brought in P397 million in revenue, its highest to date, with contributions from My Enso Lofts, The Hive, Northscapes, Modan Lofts, and One Lancaster Park.
This helped push Megawide’s total net income to P210 million, up 14 percent year-on-year, as consolidated revenues reached P4.2 billion and earnings before interest, taxes, depreciation and amortization hit P1.11 billion.
Construction continues to deliver
Construction remained the company’s backbone, contributing P3.67 billion in revenues. Despite some projects entering the lower-revenue, higher-margin “winding down” phase, the division continued to support the group’s topline growth.
Megawide’s order book stood at P41.5 billion, with P2 billion in new contracts from PH1’s Modan Lofts Ortigas Hills.
Management’s view
“Our performance reflects our commitment to build on our early gains in 2024. For instance, we have already recorded the initial net income contribution from our property development arm after our acquisition in 2023, which gave us a boost in the first quarter,” said Saavedra, the chair, president, and CEO of Megawide.
“We intend to sustain this momentum across all our business platforms in the coming periods as we progress with our existing contracts and projects,” he added.
Landport traffic rises
Revenues from landport operations rose 27 percent to P136 million, driven by increased activity in office and commercial spaces, and foot traffic that averaged 156,570 daily passengers spending P33.2 each.
Last April 14, Megawide also listed P5.3 billion in Series 6 Preferred Shares to refinance maturing obligations and fund future growth.
