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Megawide swings to profitability, earns P3.6 billion

MEGAWIDE Construction Corp. recorded a P3.58-billion attributable net income in 2022, a turnaround from the P342.99-million net loss incurred in 2021.

In a disclosure to the Philippine Stock Exchange, the company said that its 2022 results included the exceptional gains from the divestment in GMR Megawide Cebu Airport Corp. (GMCAC) and one-off items related to terminated projects.

“The transaction involving the company’s airport subsidiary GMCAC proved very timely and provided us more flexibility to pursue our broader growth agenda,” said Edgar B Saavedra, chairman and chief executive officer of Megawide.

“Specifically, it enabled us to ease our balance sheet by deleveraging a portion of our bank debts and de-risk our assets from forecasted global economic slowdown and the Russian-Ukraine conflict,” he added.

Mr. Saavedra said the company is seeing opportunities from newly awarded projects such as the contract package 104 of the Metro Manila Subway System and the monetization of investment in the concessionaire for the Mactan Cebu International Airport.

As of end-2022, the company’s order book reached P50.8 billion, which is said to be among the biggest in Megawide’s history.

Last year, it recorded profit growth despite a 1.3% decline in its topline to P14.84 billion from P15.04 billion in 2021.

Revenues from construction operations accounted for the biggest share with P14.58 billion, with landport operations contributing P258.33 million.

Meanwhile, the company recorded P12.92 billion in direct costs in 2022, up 3.4% from the P12.5 billion it booked in 2021.

On Monday, shares in Megawide surged by 21 centavos or 6.84% to P3.28 each. — Justine Irish D. Tabile

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