Megawide Construction Corporation (Megawide) posted a net income of Php538 million in 2024, doubling its previous year’s earnings of Php269 million, driven by strong performance across all business segments and a strategic focus on operational efficiency.
Consolidated revenues reached Php22.1 billion, an 18% increase year-over-year, with growth recorded across its core construction, real estate, and transport infrastructure businesses. EBITDA also rose sharply by 67%, reaching Php4.70 billion from Php2.81 billion in 2023.
“This broad-based growth underscores our adaptability amid evolving market conditions, especially in real estate and office leasing,” said Megawide Chairman and CEO Edgar Saavedra. “We remained prudent in our operations to preserve topline gains and sustain momentum despite global and local uncertainties.”
Strong Construction Backbone
Construction remained the company’s main growth driver, generating Php21 billion in revenue, up 16% from 2023, and accounting for 95% of total revenues. The Precast and Construction Solutions (PCS) segment stood out with a 28% revenue increase to Php5.22 billion, as external clients contributed 61% of PCS revenue compared to 38% in the previous year. This shift reflects Megawide’s expanding reach beyond in-house projects.
Real Estate Momentum
Real estate operations under PH1 World Developers, Inc. (PH1) delivered Php711 million in revenue, more than four times the previous year’s figure. This was driven by steady revenue conversion from sales at flagship developments including My Enso Lofts, The Hive, Northscapes, Modan Lofts, and One Lancaster Park. As of end-2024, PH1 reported a total cumulative take-up of Php11.0 billion, expected to support continued revenue growth in the medium term.
Infrastructure and Transport Growth
Megawide’s Landport operations at the Parañaque Integrated Terminal Exchange (PITx) contributed Php355 million in revenue, supported by a 98% occupancy rate in commercial spaces and sustained passenger spending of Php39.0 per head. Office towers, however, ended the year with a 60% occupancy rate, impacted by the nationwide ban on POGOs (Philippine Offshore Gaming Operators) effective December 2024.
Improved Operational Efficiency
The company implemented strict cost controls and efficiency measures, containing overhead expense growth to 14%. As a result, operating income rose to Php1.60 billion, and operating margins improved to 7%.
Strategic Capital Initiatives and Expansion
In 2024, Megawide successfully listed its Series 6 Preferred Shares on the Philippine Stock Exchange, with proceeds earmarked for refinancing maturing obligations and partially funding its growth pipeline.
The company ended the year with an order book of Php43.5 billion, boosted by Php17.2 billion in newly secured contracts. Among these are its entry into the Pambansang Pabahay para sa Pilipino Housing (4PH) Program under PH1 in Imus, Cavite, and the development of Phase 1 of the Cavite Bus Rapid Transit (BRT) system. The BRT project will connect several Cavite municipalities, including Imus, General Trias, Tanza, Kawit, and Trece Martires, to Metro Manila via PITx.
As it looks ahead, Megawide aims to scale its presence across responsive infrastructure and urban development platforms—anchored in its engineering expertise and growing precast advantage.
