Megawide Construction Corp. said Wednesday net income grew 17 percent in 2017 from a year ago, on the back of strong construction and airport businesses.
Megawide said in a disclosure to the stock exchange net income reached P2.2 billion last year, up from P1.92 billion in 2016.
Consolidated revenues increased 9 percent to P19.2 billion from the 2016 figure of P17.7 billion, driven by the solid performance of both construction and airport business segments.
“2017 has been a positive year for Megawide as we were able exceed our guidance buoyed by the strong last quarter performance of our construction business and the outperformance of our airport segment highlighted by a double digit growth in revenues,” Megawide chairman and chief executive Edgar Saavedra said.
Construction revenues generated P16.7 billion in 2017, a 6-percent increase from P15.8 billion in 2016, mainly because of private sector projects. New contracts booked from the private sector totaled P10.8 billion in 2017, with P6.25 billion booked in the fourth quarter alone.
“With our optimistic outlook on the country’s macroeconomic fundamentals coupled with the government’s roll-out of its infrastructure plans through its Build, Build, Build program, we remain bullish on the continued expansion of our construction business,” Saavedra said.