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Manila Bulletin devider Business devider The Stock Market devider Construction slowdown offset by real estate gains in Megawide's first quarter

Construction slowdown offset by real estate gains in Megawide's first quarter

Published May 16, 2025 10:49 am  |  Updated May 16, 2025 03:16 pm
Megawide Construction Corporation’s real estate subsidiary PH1 World Developers, Inc. has turned profitable, boosting the engineering conglomerate’s first quarter financial results.
In a disclosure to the Philippine Stock Exchange, Megawide reported that its net income for the first quarter of 2025 increased by 14 percent to ₱209 million, from ₱183 million earned in the same period last year.
Consolidated revenues for the period declined to ₱4.20 billion from ₱5.2 billion, while earnings before interest, taxes, depreciation, and amortization (EBITDA) reached ₱1.11 billion.
“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 Megawide Chairman and CEO Edgar Saavedra.
He added that, “We intend to sustain this momentum across all our business platforms in the coming periods as we progress with our existing contracts and projects.
In terms of segment, construction operations contributed ₱3.67 billion from ₱4.95 billion. The performance was traced to the winding down phase, based on the S-Curve, for a number of projects, which generate lower revenues but better margins.
As of end March 2025, Megawide’s order book ended at ₱41.5 billion, with new contracts amounting to ₱2.0 billion, coming from Towers 2 and 3 of PH1 World’s Modan Lofts Ortigas Hills.
In addition, real estate operations generated ₱397 million in revenue – the highest level to date – and yielded its first-ever net income during the period. The strong performance came from projects such as My Enso Lofts, The Hive, Northscapes, Modan Lofts, and One Lancaster Park.
“With a healthy sales stock of more than P12 billion as of March 2025, the segment is expected to sustain healthy revenue generation moving forward,” Megawide said.
Landport operations, meanwhile, delivered ₱136 million in revenue, 27 percent more than the ₱107 million in the previous year. The improvement came from both from office towers and commercial spaces, which benefitted from the influx of passenger traffic in the terminal.
As of the first three months of the year, average daily foot traffic was logged at 156,570 with average spending registered at P33.2 per passenger.
“The Company is looking forward to more ventures into scalable and responsive business platforms, anchored on its engineering and construction DNA and pre-cast and construction solutions (PCS) advantage,” said Saavedra.
Last April 14, Megawide listed P5.3 billion worth of Series 6 Preferred Shares in the Philippine Stock Exchange to refinance maturing obligations and partially fund the Company’s growth pipeline.

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Megawide Construction Corporation Edgar Saavedra PH1 World Developers Inc.
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