Italpinas Development Corp.(IDC), a real estate developer focused on green projects, doubled its net income and sales in 2024 on continued rollout of real estate projects.
IDC said in a statement net income reached P376.8 million, up 102.2 percent from the previous year’s P186.3 million, while revenues grew 100.6 percent to P600.26 million from P299.11 million in 2023.
IDC attributed the strong financial results to the robust sales of ongoing projects like Primavera City Verde in Cagayan De Oro and Miramonti 1 in Sto. Tomas Batangas.
The property firm said its strategy for focusing in emerging locations has paid off with the significant generated sales from these flagship projects during the year.
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.
Another significant contribution 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.
IDC said it is poised for continuous growth, with plans to expand into several new prime locations across the country, including Palawan, Boracay, Bataan and Bukidnon.
It also identified additional target acquisitions for future developments in Southern Luzon and Visayas.
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.
IDC last week reported that it was selling its 25-percent interest in a renewable energy development firm Constellation Energy Corp. for P6.5 million.
The move is in line with the company’s direction to focus on core real estate business.
Constellation Energy is a renewable energy development firm with development projects in hydroelectric, geothermal and wind technologies.
“The sale of our minority stake in Constellation Energy allows IDC to fully focus on our core real estate business. It streamlines and simplifies financial reporting, and eliminates exposure to non-core performance,” IDC said.
