Saavedra’s Megawide off to solid 2025 start; real estate venture delivers first-ever profit
Megawide Construction Corp., led by bilyonaryo Ed Saavedra, reported a 14% jump in its first quarter net income to ₱210 million, buoyed by higher contributions from its real estate and landport operations.
In a regulatory filing, Megawide said consolidated revenues reached ₱4.2 billion during the three-month period, while earnings before interest, taxes, depreciation, and amortization (EBITDA) stood at ₱1.11 billion.
“Our performance reflects our commitment to build on our early gains in 2024,” said Saavedra, chairman and CEO. “We have already recorded the initial net income contribution from our property development arm after our acquisition in 2023, which gave us a boost in the first quarter.”
Megawide’s core construction segment contributed ₱3.67 billion to total revenues. While this marked a slowdown due to several projects entering the wind-down phase, the company said margins improved in accordance with the S-Curve model of project development.
As of end-March, Megawide’s order book stood at ₱41.5 billion, with ₱2 billion in new contracts added in the quarter. These included Towers 2 and 3 of PH1 World Developers Inc.’s Modan Lofts Ortigas Hills.
The company’s real estate operations recorded ₱397 million in revenues—the highest quarterly figure to date—and posted its first-ever net income.
The performance was driven by strong sales from projects such as My Enso Lofts, The Hive, Northscapes, Modan Lofts, and One Lancaster Park.
Megawide said it had a sales stock of over ₱12 billion as of March 2025, which is expected to support continued revenue generation.
Landport operations, meanwhile, posted a 27% increase in revenue to ₱136 million, lifted by rising foot traffic and spending at the PITX terminal. Daily passenger volume averaged 156,570, with average spending of ₱33.20 per person.
