Eton Properties Philippines Inc. (EPPI), the real estate arm of the Lucio Tan Group, reported a 71-percent drop in net income to ₱213 million last year, from ₱746 million in 2023, mainly due to a one-time gain in the previous year.
In a statement, the firm said its lower 2024 earnings were “primarily due to a one-time ₱503-million inventory revaluation gain recorded the previous year,” noting that “core operations remained strong.”
It added that, “Increased costs—particularly from vertical and horizontal development activities, maintenance and repair work, taxes, and personnel—also contributed to the decline in profitability.”
Eton Properties reported total revenues of ₱3.1 billion in 2024, reflecting a 12-percent increase from the previous year’s ₱2.8 billion. This performance comes amid broader industry challenges, including the exit of Philippine offshore gaming operators (POGOs) and the non-renewal of some retail tenancies.
“2024 showed our ability to stay steady in a shifting market. We stayed focused on delivering long-term value, adapting where needed, and investing where it mattered most,” said Eton Properties President and Chief Executive Officer (CEO) Kyle C. Tan.
While net income declined, earnings before interest, taxes, depreciation, and amortization (EBITDA) margin decreased to 41 percent from 66 percent, reflecting the company’s strategic reinvestment into property improvements, new development plans, and sustainability-related initiatives.
For 2025, the company has earmarked ₱900 million in capital expenditures (capex) to support property enhancement programs and township redevelopment. These include upgrades in master planning, zoning strategies, and amenities designed to improve long-term asset value and customer experience.
“We’re staying focused on what matters: building better spaces, improving the way people live and work, and responding to what our markets need. We’re not just building structures—we’re building the future of Eton with clarity and purpose,” Tan said.
Eton Properties said it is positioning itself for long-term profitability following key investment decisions made in 2024—moves that are expected to strengthen its market position in the years ahead.
Across business segments, Eton Properties’ leasing portfolio demonstrated resilience despite ongoing market pressures. Centris Cyberpod One, part of the Cyberpod series within the Eton Centris township, is now fully leased.
The office leasing segment remained a strong contributor, with 134,844 square meters (sqm) leased—equivalent to 70 percent of total office gross leasable area (GLA).
High occupancy rates were sustained at major locations: Centris Cyberpod One (100 percent), Centris Cyberpod Three (92 percent), and Eton Cyberpod Corinthian (81 percent).
Commercial leasing also delivered solid results, with 44,364 sqm leased, or 72 percent of retail GLA.
Meanwhile, residential leasing was streamlined to support inventory optimization and conversion to sales.
Eton Properties’ residential business recorded a significant rebound, with revenue climbing to ₱501 million, up 266 percent from ₱137 million in 2023.
Sales were led by projects in Eton City, Sta. Rosa, Laguna, including South Lake Village, RiverBend, TierraBella, and West Wing Residences. Strong performance was also recorded from ready-for-occupancy (RFO) units in Metro Manila, such as 68 Roces, West Wing Villas, 8 Adriatico, and One Archers Place.