Italpinas diversifies to sustain growth

Published November 17, 2019, 12:00 AM

by manilabulletin_admin

By James A. Loyola

Publicly listed green developer Italpinas Development Corporation (IDC) is aiming to expand to new locations while diversifying into horizontal property development to sustain its strong growth trajectory.

“Our net profit has been doubling in the last years. Our target is to continue achieving steady and well-considered growth every year,” IDC Chairman and CEO Romolo Nati said.

He noted “we want to expand in other locations and consider broadening our scope in real estate products offered, according to opportunities presented in delivering our unique development philosophy with key markets.”

IDC expects solid results in 2019 as strong sales of its pipeline of projects continue. Last year, the company posted a net income of ₱120.5 million, up 101 percent from its 2017 net income.

Its strong earnings growth has resulted in a high level of retained earnings, allowing IDC to declare a 35 percent stock dividend to be issued to shareholders as of record date, November 20, 2019 with payment date on December 16, 2019.

“This is the second time in less than five years that we declare stock dividends. Our stock has really grown a lot,” Nati said. IDC had given 45 percent stock dividend in 2017.

IDC President Jojo Leviste said “moving forward, the company is looking to expand in new areas in the country, and is also considering horizontal property development.

“As always, our developments will remain true to our core design philosophies and environmentally responsible thrust, which delivers efficiency, energy savings, and comfort to our end-users,” he stressed.

Nati added “we expect that the 2019 year-end net income will be higher than what we realized in 2018.”

As of September 2019, IDC sold more than 60 percent percent of the residential units in the second phase of its second major mixed-use condominium project, which is called “Citta Verde” at Primavera City which was launched only last July 2019.

Primavera City, which is designed to consist of four phases once completed, is strategically located at uptown Cagayan de Oro City.

IDC has also sold around 66 percent of residential units in its first project in Luzon, the Miramonti Green Residences in Sto. Tomas, Batangas, while construction continues.