Megawide eyes recovery this year

Megawide Construction Corp., the listed construction company, is gearing up for recovery this year following a challenging 2020. 

“Our strategy has always been to create our own opportunities when possible, as evidenced by our planning and execution even during the strictest community quarantine. We do, however, recognize that the business environment remains very unpredictable,” Megawide chairman Edgar Saavedra said. 

The company reported consolidated revenues of P12.9 billion and posted consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) of P2.77 billion last year. 

The company expects to sustain this growth trajectory this year as it strengthens and diversifies its portfolio, towards engineering a First-World Philippines. 

Megawide emerged stronger in 2020 by leveraging digital technologies and relentlessly pursuing new projects. This quick pivot also allowed the Company to increase its order book to a new record of P68.4 billion, securing new projects such as the Malolos-Clark Railway Project, Carbon Market Redevelopment, Aglipay Sewage Treatment Plant, Westside City Resorts World, and the Newport Link. 

As of end-March 2021, the Company added The Coral Village Project in Cebu and the Westside City Site A, which involves the construction of a Retail Strip and Theater Mall to complement the hotel and casino complex. These resulted in the order book of P66.1 billion as of March 31, 2021, net of completions for the first quarter. 

The Mactan-Cebu International Airport (MCIA) served 2.7 million passengers last year despite travel restrictions and strict global lockdowns. GMR MEGAWIDE Cebu Airport Corp. (GMCAC) took advantage of the pandemic to maintain facilities and equipment, enhance operational efficiencies, and strengthen liability management to prepare it operationally and financially for the next normal. 

True to its vision of providing passengers with world-class services, the MCIA developed the first airport COVID laboratory, accredited by the Department of Health (DOH), to streamline test requirements for flying passengers. 

The Company is optimistic that air travel will soon normalize, as destinations are slowly lifting travel restrictions with the rising domestic and global inoculation rates. The 2022 national elections is also seen as an impetus for local travel.