Despite the pandemic, Italian-Filipino green real estate developer Italpinas Development Corporation (IDC), reported a 69 percent surge in net income to P15.62 billion in the first quarter of the year from P9.26 million in the same period of 2019.
In a statement, IDC said sales performance increased 25 percent to P134.46 million in the first quarter of 2020 from P107.6 million in the same period last year.
“Sales are mainly attributable to the new IDC projects and particularly to Phase 2 of Primavera City, launched in June 2019 in CDO which as of March 31, 2020, around 50 percent of its total units have already been sold,” the firm said.
It added that, “Price increase and implementation of measures to optimize both CAPEX and OPEX also help to increase IDC net income.”
IDC said it has prepared resiliency plans to mitigate the risks and challenges brought about by the COVID-19 pandemic.
Business operations, however, have not been significantly compromised thus far, as demand for IDC’s product was sustained despite the pandemic.
“We believe that after the COVID situation, green buildings are more relevant than ever before. Well-ventilated buildings with direct access to outdoors spaces and presence of abundant natural lights and other sustainable features are more attractive to the market now than before,” said IDC Chairman and CEO Romolo Nati.
He noted that, “Our sales performance, not only have not been affected by the pandemic but they increased. This is a confirmation that market interest is definitely shifting towards green and accessible real estate products outside the main cities.”
The firm maintained its strong growth trajectory with net income rising more than 50 percent to P181.43 million last year from P120.56 million in 2018.
“We have experienced good sales performance at each of IDC’s ongoing projects, Miramonti Phase 1, located in Sto. Tomas, Batangas, and Primavera City Phase 2 located in Cagayan de Oro City,” said IDC Nati.
As of 31 December 2019, IDC was able to sell about 60 percent of the total units of Miramonti Phase 1 and about 40 percent of the total units of Primavera City Phase 2. “Sales of P567 million in 2019 is 54 percent more compared to P368 million sales in 2018. This increase in sales contributed significantly to IDC’s increased net profit for 2019. Also, our net income to sales ratio stayed at 32 percent in 2019,” explained Nati.