Golden MV Holdings Inc., the deathcare and property development business of billionaire Manuel B. Villar, saw its profit surge to ₱999.72 billion last year, up from ₱1.46 billion in 2023, as its assets in Villar City appreciated by ₱1.33 trillion.
In a disclosure to the Philippine Stock Exchange, the firm said its revenues decreased 25 percent from ₱4.76 billion in 2023 to ₱3.58 billion last year, mainly due to the decline in real estate sales by 26 percent from ₱4.46 billion to ₱3.31 billion because of decreased residential unit sales.
Cost and expenses of the company decreased 23 percent from ₱3.05 billion in 2023 to ₱2.36 billion last year. This was primarily due to the decrease in the cost of sales and services, which fell from ₱1.94 billion to ₱1.31 billion, mainly due to the lower number of residential units sold.
Operating profit for 2024 dropped by 29 percent from ₱1.71 billion in 2023 to ₱1.22 billion, also primarily due to lower sales of residential units.
Golden MV reported an increase in fair value gains on its investment properties amounting to ₱1.33 trillion for 2024, primarily due to value appreciation of investment properties.
Total assets were recorded at ₱1.37 trillion as of Dec. 31, 2024, from ₱28.64 billion as of Dec. 31, 2023, primarily due to the ₱1.33-billion fair value gains of investment properties last year from ₱59 million in 2023.
In September 2024, the firm acquired Althorp Land Holdings Inc., Chalgrove Properties Inc., and Los Valores Corp., which collectively owns 366 hectares (ha) of prime land within Villar City, a 3,500-ha development south of Manila.
These properties were recorded in the books as investment properties and were accounted for using the fair value method.
Total liabilities increased to ₱355 billion from ₱14.03 billion in 2023, primarily driven by the increase in deferred tax liabilities arising from fair value gains.
Total stockholder’s equity increased from ₱14.6 billion as of Dec. 31, 2023, to ₱1.01 trillion as of Dec. 31, 2024.