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Manila Bulletin devider Business devider The Stock Market devider Italpinas more than doubles profits on lower costs, growth in asset values

Italpinas more than doubles profits on lower costs, growth in asset values

Published Apr 20, 2025 08:46 pm

Real estate firm Italpinas Development Corp. (IDC) more than doubled its net income to ₱376.8 million last year, reflecting a 102.2-percent increase from the ₱186.3 million earned in 2023, due to cost reduction and increase in land values.

In a disclosure to the Philippine Stock Exchange (PSE), the firm said its higher profit was “the result of combined efforts to increase gross margin and reduction of certain fixed cost such as project management, administrative and marketing cost and interest expense.”

“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,” it added.

IDC reported a 100.6-percent increase in sales, reaching ₱600.26 million, compared to ₱299.11 million in 2023. The doubling of revenues is attributed to thriving sales of ongoing projects like Primavera City Verde in Cagayan De Oro City and Miramonti 1 in City of Santo 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,” the company said.

Basic earnings per share from continuing operations soared by 96.7 percent, reaching ₱0.59, compared to ₱0.30 in 2023. Additionally, book value per share increased by 27.9 percent, climbing to ₱2.43 from ₱1.90 in the previous year.

“Looking ahead, IDC is poised for continuous growth, with plans to expand into several new prime locations across the country, 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,” it said.

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