Megawide Reports Unaudited Net Profit at P1.8B in 2018
Manila, Philippines—Megawide Construction Corp, one of the country’s leading engineering and infrastructure developers, posted an unaudited consolidated net profit of P1.8 billion in 2018.
“…2018 was a landmark year for Megawide as we opened two flagship infrastructure projects, the Mactan-Cebu International Airport (MCIA) Terminal 2 and the Parañaque Integrated Terminal Exchange (PITX),” said Megawide Chair & COO Edgar Saavedra.
“Not only did we secure our space as a transport infrastructure developer, [but] we’re also witnessing the results of our diversification plan to mitigate the natural cyclicality of construction,” Saavedra added.
While the company’s net profit was affected by the cyclicality in the construction business, earnings before interest, taxes, depreciation, and amortization (Ebitda) remained healthy at P4.76 billion, an eight percent increase compared to 2017. This was ensured by the strong performance of the company’s airport business.
Boosted by the opening of MCIA Terminal 2 in July 2018, Megawide’s airport operations delivered revenues of P3 billion, 30 percent higher year-on-year, and contributed 20 percent to the total consolidated revenues.
The company posted consolidated revenues of P15.11 billion in 2018, which was lower than the P19.16 billion for the same period in 2017.
Megawide’s construction projects remain the core revenue contributor at 78 percent, with 20 percent coming from airport operations, and the balance of two percent from airport merchandising.