AbaCore Capital Holdings Inc., a holding company with interests in the leasing of gaming equipment, gold and coal mining, real estate and financial services, reported a year-over-year increase in its net income to P2.6 billion, or P0.60 per share, in 2024 from P2.4 billion, or P0.56 per share, in 2023.
The value of the company’s assets also increased, with book value per share increasing to P5.01 in 2024 from P4.39 in 2023.
Abacore’s BVPS continues to be significantly higher than the company’s stock price, which is currently below P1.00.
The financial results for 2024 were primarily impacted by a year-over-year increase in gains on fair-value adjustments to P3.5 billion from P2.6 billion.
The increase can be attributed to Abacore’s timely moves to capitalize on the appreciation of the value of its assets within its land bank.
The gains for 2024 exclude the sale of a 16-hectare investment property located in San Salvador, Lipa, Loob, Mataas na Kahoy, and Mabini in Batangas.
The property was sold for P346.4 million, net of cost and provision of taxes, and Abacore would have reported a gain of P119.7 million from the sale.
Despite the sale being made in 2024, the buyers of the investment property are still completing certain acts that prevented the gain from being reported in 2024. As such, this gain will be recorded in the first quarter of 2025.
Despite multiple sales of assets within its land bank, there are still 350 hectares worth of land within Abacore’s balance sheet.
This is due to the company continuously replenishing its land bank by making strategic acquisitions, and this was a factor in Abacore’s total assets increasing to P26.6 billion in 2024 from P23.3 billion in 2023.
“ABA’s financial results for 2024 were due to us taking advantage of favorable market conditions concerning the assets within our land bank. For 2025, we look to maximize the gains from the sale of our assets as well as expanding the operations of our key subsidiaries,” Antonio Victoriano Gregorio III, Abacore president said.
Abacore will pursue long-term initiatives that would increase shareholder value and increase the value of the company’s assets.
These include the dvelopment of the Montemaria Shrine as a lifestyle destination: opening of the Miracle Walk within the first half of 2025, starting the construction of a resort and villa complex, waterpark, snow and ice world, and the marine biodiversity center within the year and Implementation of its coal-mining project under its subsidiary Abacoal.
It also includes the development of the ABA Energy Hub in Batangas City, consummation existing land transactions with entities such as A. Brown, Pelican Group, and Eternal Gardens, enhancement of its financial-services portfolio under its subsidiary Philippine Regional Development Corporation, development of its properties in Lipa, Batangas and Silang, Cavite — either on its own or with joint-venture partners, implementation of its coal-mining project under its subsidiary Abacoal, and reinvestment of proceeds from its operations and various capital raises into real estate development and infrastructure projects.
“With various long-term projects in the pipeline, ABA is optimistic that it would achieve greater heights in 2025 and the years beyond it,” Gregorio said.
