Listed property firm Italpinas Development Corp. (IDC) has reported a 100.6% increase in its sales in 2024.
According to IDC, its ”impressive performance” for the 2024 had marked a pivotal year of growth and achievement as it reached P600.26 million sales compared to P299.11 million in 2023.
”This remarkable rise is attributed to the thriving sales of ongoing projects like Primavera City Verde in Cagayan De Oro and Miramonti 1 in Sto. Tomas Batangas,” the IDC said in a press release Monday.
The IDC has recently entered into a strategic joint venture with AV Pamatong Trading & Construction Inc. (AVP) to enhance the third phase of its Primavera City complex.
Further, the firm reported a net income of P376.8 million, reflecting a 102.2% increase from the previous year’s P186.3 million.
”This is the result of a combined efforts to increase gross margin and reduction of certain fixed cost such as project management, administrative and marketing cost and interest expense,” the IDC said.
The IDC also cited 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 that basic earnings per share from continuing operations soared by 96.7%, reaching P0.59 compared to P0.30 in 2023. Moreover, the book value per share increased by 27.9%, climbing to P2.43 from P1.90 in the previous year.
The IDC has since been involved in foreseeing the current shift in real estate focus from Metro Manila to provinces.
The firm’s 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.—Anna Felicia Bajo/AOL, GMA Integrated News
