MANILA, Philippines — Infrastructure and engineering company Megawide Construction Corp. is allocating around P2 billion this year to bankroll various projects.
Megawide chairman and CEO Edgar Saavedra said the company’s budget for capital expenditures this year stands at about P1.8 billion.
He said half of the amount would be allocated for real estate-related developments, while the other will be for its construction and transportation projects.
Last year, Megawide earmarked P2.5 billion to P3 billion for capex to fund expansion projects.
Saavedra is bullish on the continued growth of the company this year, with Megawide’s topline seen improving by 20 to 30 percent year-on-year.
The company’s net income, meanwhile, is seen outpacing the expected revenue growth this year.
From January to September 2024, Megawide reported a 69-percent jump in net income to P562 million, as revenues grew by five percent year-on-year to P16.3 billion.
The company secured eight new contracts worth P8.91 billion during the nine-month period.
The new contracts brought Megawide’s order backlog to P42.6 billion as of end-September, representing two to three years of revenues.