Strong margins from maturing projects and a fast-growing real estate business helped push net income to P436 million, with more growth in sight.
Revenues reached P8.6 billion, led by P7.3 billion in construction income and P1.1 billion from property sales, triple last year’s level.
Management’s view
“We are on track to outpace our net income from the previous year,” said chair and CEO Edgar Saavedra.
“The increasing contribution from our real estate business is steadily emerging as a new growth driver,” he added.
Condo sales, construction pipeline
My Enso Lofts, Northscapes, and Lykke Condo drove a 64 percent rise in take-up, bringing unbooked revenue to P8.8 billion.
The company’s order book stood at P37.7 billion, bolstered by new deals for Modan Lofts and Citicore’s solar projects. Megawide is also bidding for P20 billion worth of contracts, targeting a P50-billion backlog by year-end.
Mass housing push
Saavedra said the company’s entry into the 4PH housing program could further fuel growth.
“We broke ground for four new locations under the 4PH – two each in Bacoor and Dasmarinas. Together with our maiden project Avesta in Imus, PH1 is expected to deliver approximately 7,000 housing units from these projects in the next 2-3 years, in Cavite alone,” Saavedra said.
Landport earnings, via the Parañaque Integrated Terminal Exchange, rose 6 percent to P217 million, with higher passenger traffic and strong retail occupancy.
Megawide is also expanding its infrastructure push, breaking ground on the Caticlan Airport Terminal in July as it eyes future transport projects.
—Edited by Miguel R. Camus
