MANILA, Philippines -Property developer Ovialand Inc. said profits jumped 37 percent in 2023 due to strong sales coming from its pioneering premium affordable homes segment.
The builder, which is planning to list on the Philippine Stock Exchange via a P2-billion initial public offering in the middle of the year, said net income reached P227 million in 2022 from P166 million the previous year.
Revenues last year jumped 64 percent to P1.4 billion. This also brought growth in the past three years to 300 percent, it said in a statement.
Ovialand CEO Marie Leonore Fatima “Pammy” Olivares-Vital said they started 2022 with more modest sales targets before ramping up expansion due to high demand.
“Midway through the year, we decided to speed up our construction due to higher-than-expected market demand for our premium affordable homes,” she said.
“While global and local economic conditions remain challenging for everyone, we remained persistent with our targets and focused on our strength of giving Filipino homebuyers the value for their money on houses that are turned over within 3 to 6 months,” Olivares-Vital said.
“This makes our product unique and one-of-a kind since we are the fastest to turn over to our clients,” she added.
Ovialand asset grew to P1.6 billion last year P1.1 billion the previous year.
Olivares-Vital also underscored their regional expansion plans, including their entry into Bulacan last year.
“We continue to be bullish with our growth so that we can support the demand for premium quality housing at an affordable price point for our growing economy,” Olivares-Vital said.
“Each premium quality home we turn over represents a more stable and promising future for our clients, and we are excited to carry out this mission throughout the country in the years to come,” she added.
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