LISTED REAL ESTATE company Italpinas Development Corp. (IDC) saw a 102.2% increase in net income for 2024 to P376.8 million from P186.3 million in 2023 on reduced costs and property value gains.
The company’s higher profit came from initiatives to increase gross margin and lower fixed costs such as project management, administrative, and marketing cost and interest expense, IDC said in a statement over the weekend.
“Another significant contribution here is the gain on appraisal of the company’s investment properties recognized in 2024, which reflects the rise in their fair market value during the year,” IDC said.
Sales rose by 100.6% to P600.26 million from P299.11 million in 2023.
The sales growth was led by ongoing projects including Primavera City Verde in Cagayan De Oro and Miramonti 1 in Sto. Tomas Batangas.
“From inception, IDC has focused on being an early mover in emerging locations, foreseeing the current shift in real estate focus from Metro Manila to provinces, and this has paid off with the significant generated sales from these flagship projects during the year,” IDC said.
Meanwhile, IDC said it has plans to expand into new locations nationwide, including Palawan, Boracay, Bataan, and Bukidnon.
“These new flagship projects aim to deliver IDC’s signature eco-friendly, sustainable, and innovative developments, further cementing its position as a leader in the real estate market,” IDC said.
Earlier this month, IDC exited the power sector after selling its 25% stake in Constellation Energy Corp., equivalent to 5 million shares, for P6.5 million.
Constellation Energy has renewable energy projects in Negros, Mindoro, and Nueva Ecija.
“The sale of our minority stake in Constellation Energy allows IDC to fully focus on our core real estate business. It streamlines and simplifies financial reporting, and eliminates exposure to non-core performance,” the real estate company said.
IDC shares were last traded on April 16, improving by 5.31% or six centavos to P1.19 apiece. — Revin Mikhael D. Ochave