INRASTRUCTURE developer Megawide Construction Corp. posted a 26-percent increase in first-quarter net income to P265 million from P210 million a year earlier, driven by stronger revenue across its core businesses.
In a disclosure on Thursday, the company said that consolidated revenues rose 14 percent to P4.81 billion in the January-to-March period from P4.22 billion in the same quarter last year.
Construction remained the biggest contributor, generating P3.84 billion in revenues, up 5 percent from P3.66 billion.
Real estate revenues more than doubled to P831 million from P385 million while land port revenues were flattish at P138 million from P136 million.
The company said continued debt reduction efforts and improved margins also helped lift profitability.
Consolidated gross margin rose to 24 percent from 22 percent, while net margin improved to six percent from five percent. The earnings before interest, taxes, depreciation and amortization margin was largely steady at 25 percent.
“Our results in the first three months [are] consistent with our back-ended target for the year,” Megawide Chairman and CEO Edgar Saavedra said.
“While we sustained a healthy performance early on, we have yet to quantify the impact of the Middle East war and a newly replenished construction order book in the coming months,” he added.
Megawide said it remained focused on balancing top-line growth with efforts to strengthen its balance sheet amid uncertainties arising from the ongoing conflict in the Middle East.
The company said it had already reduced its short-term debt by nearly P6 billion during the quarter, which should generate interest cost savings of around P250 million to P300 million this year.
“The other side of our value creation strategy is boosting our financial position to ease the debt servicing burden and provide financial flexibility,” Saavedra said.
The company’s bank debt-to-equity ratio improved to 1.1 times as of end-March 2026 from 1.54 times at end-December 2025, while its net debt-to-equity ratio declined to 0.8 times from 1.1 times.
Group Chief Financial Officer Jez dela Cruz said the company planned to pay down another P2.5 billion to P3 billion in short-term obligations for the remainder of the year.
Megawide said its order book was now at P48.7 billion, with around 11,000 socialized housing units under the government’s expanded 4PH program currently under construction.
The company is also developing the Baguio City Integrated Terminal, the South Luzon Integrated Terminal Exchange and the Cavite Bus Rapid Transit System as part of its transport-oriented development portfolio.
Megawide shares on Thursday dropped P0.03, or 0.94 percent, to close at P3.17 each.
