By Revin Mikhael D. Ochave, Reporter
LISTED infrastructure conglomerate Megawide Construction Corp. secured P16.3 billion worth of new contracts in 2024 as the company expanded its project portfolio, its chairman said.
Megawide Chairman and Chief Executive Officer Edgar B. Saavedra told BusinessWorld that the company’s new contracts in 2024 were over 600% higher than the P2.3 billion secured in 2023.
The new contracts brought Megawide’s order book to P43.5 billion as of end-December 2024, equivalent to two to three years’ worth of revenues.
Of the total, 45% of the order book consists of internal projects within the Megawide group, 34% comprises external contracts, and 21% is allocated to infrastructure-related developments.
The company’s 2024 order book reflected a slight increase from the P43.1 billion recorded in 2023.
“Given our growing portfolio inside Megawide and within the larger Citicore Group, we are naturally increasing the share of internal projects in our order book,” Mr. Saavedra said.
“This strategic direction will enable us to harness synergies within the group and capture value across the entire supply chain,” he added.
Citicore Holdings Investment, Inc., the parent firm of Megawide, is a holding company with interests in renewable energy through Citicore Energy REIT Corp. and Citicore Renewable Energy Corp.
Megawide previously announced its plan to diversify its order book, balancing private contracts, infrastructure projects, and internal developments.
“The move will also reduce our concentration in a single segment and de-risk our construction portfolio, providing us with a broader-based and well-balanced revenue platform,” Mr. Saavedra said.
Meanwhile, Mr. Saavedra expressed optimism that synergies within the Megawide group will further drive its growth.
The company operates across multiple sectors, including landport management through the Parañaque Integrated Terminal Exchange (PITX), property development via PH1 World Developers, Inc., precast and construction solutions, and engineering, procurement, and construction.
“As a first-world infrastructure innovator and property developer, we envision social and economic sustainability in our ongoing and future projects while ensuring that synergies are maximized within the larger group,” Mr. Saavedra said.
Megawide recently secured a P1.87-billion contract for the Cavite Bus Rapid Transit (BRT) system project. The contract covers the operation of a point-to-point route with a 42-kilometer alignment passing through Imus, General Trias, Tanza, Kawit, and Trece Martires, as well as nearby areas, while also providing connectivity to Metro Manila via PITX.
The project’s first phase, set to begin operations in the second half of the year, will feature three terminals and 27 stations.
Once completed, the BRT system will enhance accessibility and connectivity to Lancaster City via a dedicated feeder line, as well as PH1’s other projects in Cavite, such as Southscapes in Trece Martires.
“We envision master-planned communities developed by PH1, constructed by Megawide using environmentally sustainable precast solutions and methodologies, and integrated with a hub-and-spoke public transport system, whether through BRT or transit-oriented developments, with PITX as the anchor,” Mr. Saavedra said.
Megawide shares were last traded on March 7 at P2.39 per share.