Megawide Construction Corp. reported 2022 as a turnaround year with consolidated net income of P2.8 billion, a reversal from P893.2 million losses incurred the previous year.
Consolidated revenues amounted to P14.4 billion, down 11 percent from P16.29 billion, contributed largely by the construction business and a portion from its land port operations.
The company said the results included gains from the upfront value from its divestment in GMR Megawide Cebu Airport Corp. and one-off items related to terminated construction projects impacted by the COVID-19 pandemic in 2020.
“The Covid-19 pandemic affected Megawide in multiple fronts, particularly in terms of our operations and financial position. Alongside these challenges were opportunities, which we believe will help us address most of these concerns,” Edgar Saavedra, chairman and CEO, said.
Among the developments include newly-awarded projects and the monetization of investment in GMCAC, the other part of the consortium to manage and develop the Mactan Cebu International Airport.
New projects in 2022 included contract package-104 of the Metro Manila Subway System, additional packages at the Suncity Westside City Resorts complex and supply and build contracts of pre-cast materials for three new locations at PhirstPark Homes’ residential development.
These brought Megawide’s order book to P50.8 billion as at end-2022 and among the biggest in its history.
