MEGAWIDE Construction Corp. posted an unaudited consolidated net profit of P1.80 billion in 2018, in line with the guidance the company provided at the start of last year.
“The year 2018 was a landmark year for Megawide as we opened two flagship infrastructure projects, the Mactan-Cebu International Airport (MCIA) Terminal 2 and the Parañaque Integrated Terminal Exchange (PITX),” said Edgar Saavedra, Megawide chairman and chief executive officer.
“Not only did we secure our space as a transport infrastructure developer, we are also witnessing the results of our diversification plan to mitigate the natural cyclicality of construction.”
While net profit was affected by cyclicality in the construction business, earnings before interest, taxes, depreciation and amortization (Ebitda) remained healthy at P4.76 billion, an eight percent increase from the previous year, propelled by the strong performance of the airport business.
Boosted by the opening of MCIA’s new international terminal in July 2018, airport operations delivered revenues of P3 billion, 30 percent higher year-on-year, and contributed 20 percent to total consolidated revenues.
The company posted consolidated revenues of P15.11 billion for 2018, compared with P19.16 billion for the same period in 2017.
Construction remains the core revenue contributor at 78 percent, with 20 percent coming from airport operations, and the balance of two percent from airport merchandising.
The Mactan-Cebu International Airport (MCIA) brought in a 15-percent growth in total passenger volume, from 10 million passengers per annum (mppa) in 2017 to 11.5 million passengers in 2018, with international and domestic passengers growing 23 percent and 12 percent, respectively.
Domestic passengers comprised 67 percent of the total passenger mix while international passengers comprised 33 percent.
Air traffic volume likewise increased by 15 percent, with international traffic up by 19 percent and domestic traffic improving 14 percent.
The overall improvement in passenger and air traffic was attributed to additional airline partners and the increased number of domestic and international flights.
In 2018, MCIA opened 12 new international routes, eight of those to China, and two new domestic routes to Ormoc and Catbalogan via AirJuan.
As of February this year, the company is serving 30 domestic and 20 international destinations with six local and 19 international airline partners.
“We continue to see the growth in both international and local travel as an opportunity to promote Cebu not only as a destination but as a hub to other destinations in Visayas and Mindanao. We intend to make the most of these prospects by embarking on new developments within the MCIA concession area to attract more traffic and complement our existing facilities,” Saavedra added. (PR)