MEGAWIDE POSTS 2023 TURNAROUND, CONFIDENT GROWTH TO CONTINUE

Megawide Construction Corp. on Monday reported a turnaround in its consolidated net income for 2023 from the net loss in the previous year, as the company posted double-digit growth in its consolidated revenues during the period.

The Edgar Saavedra-led company recorded a P269-million consolidated net income in 2023 from the P1.87-billion consolidated net loss in 2022, as its consolidated revenues climbed by 26% to P14.8 billion.

“Our EPC (engineering, procurement, and construction) business sustained a robust performance as progress on existing projects went as planned. Based on our timelines, 2024 will continue to reflect increased completion and should translate to higher revenues based on the S-curve,” Saavedra said in an emailed statement.

“In addition, our Pre-Cast and Construction (PCS) unit continued to build its external portfolio, helping boost performance from the construction segment,” he added.

The company’s construction business posted P18.1-billion in revenues, accounting for 97% of the total. Its landport operations contributed P348 million, while its real estate segment contributed P149 million.

The company’s new EPC projects signed in 2023 include Hotel 101 in Libis and the Lumbangan Solar Power Plant which brought its total order book to P43.1 billion as of end-2023.

Its new PCS supply contracts for the year were the Candaba Viaduct, a portion of the Metro Rail Transit Line 7 (MRT7), contract package (CP) 104 of the Metro Manila Subway, and a data center with a combined value of over P2.0 billion.

Its real estate operations, under PH1 World Developers Inc., reported an initial contribution of P148 million as take-up of projects reached P4.6 billion, covering 916 units.

“As our operations steadily deliver the results, we also need to manage the balance sheet and reduce our interest-bearing liabilities to ease the impact of interest expenses on our profitability,” Saavedra said.

“We are confident this two-pronged approach will help boost our margins and further improve our bottomline,” he added.

Shares in Megawide were last traded at P3.00 apiece, down by 4 centavos or 1.32% from last Friday’s finish of P3.04 per share.—RF, GMA Integrated News

This article Megawide posts 2023 turnaround, confident growth to continue was originally published in GMA News Online.

2024-04-22T11:12:12Z dg43tfdfdgfd