DESPITE travel restrictions and strict global lockdowns, the Mactan-Cebu International Airport (MCIA) welcomed 2.7 million passengers in 2020.
Its operator, GMR Megawide Cebu Airport Corp. (GMCAC), took advantage of the Covid-19 pandemic to maintain facilities and equipment, enhance operational efficiencies and strengthen liability management to prepare it operationally and financially for the next normal.
The MCIA developed the first airport Covid laboratory, accredited by the Department of Health (DOH) to streamline test requirements for flying passengers.
Listed company Megawide said it 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 are also seen as an impetus for local travel.”
Buoyed by the solid contribution of the construction and landport businesses, Megawide reported consolidated revenues of P12.9 billion and posted consolidated earnings before interest, taxes, depreciation and amortization of P2.77 billion last year.
The firm’s digital pivot led to the increase of 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, Megawide 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. (KOC)