Megawide net income doubles to P538 million in 2024

Megawide Construction Corporation's net income doubled to ₱538 million in 2024, up from ₱269 million in 2023, driven by an 18 percent increase in consolidated revenues to ₱22.1 billion.

The company's Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) also increased to ₱4.7 billion from ₱2.81 billion.

Megawide Chairman and CEO Edgar Saavedra attributed the success to adaptability in office leasing and real estate, alongside operational efficiency.

Construction revenues were the primary contributor at ₱21 billion, representing 95 percent of total revenue.

The pre-cast and construction solutions (PCS) segment saw a 28 percent revenue increase to ₱5.22 billion, with external clients contributing 61 percent, up from 38 percent.

The real estate division, under PH1 World Developers Inc., generated ₱711 million in revenue, more than four times higher than the previous year, with total take-up reaching ₱11 billion as of end-2024.