UDENNA Corp. posted a net profit of P3.39 billion in 2019 driven by the robust performance of its property development business.

In a statement Monday, the holding company of businessman Dennis A. Uy said it reached record high revenues of P110.67 billion last year, higher by 17% from the previous year.

It attributed the increase to its subsidiary Udenna Land, Inc., which it said posted record net profits for the year. The amount was not disclosed in the statement.

Udenna Land sources its revenues from land sales, leasing activities and port revenues. It operates Clark Gobal City in Pampanga, Udenna Tower in Taguig City and Calaca Industrial Seaport in Batangas.

“We are quite happy with the results but the work for creating shareholder value never ends; we continue to lay down the groundwork for Udenna’s future growth and profitability,” said Mr. Uy, the chairman and chief executive officer of Udenna.

He noted, however, that the coronavirus disease 2019 (COVID-19) pandemic is affecting Udenna’s business segments, which include oil, gas and retail, shipping and logistics, education, food, gaming and tourism, property development and management, and infrastructure development.

“The on-going COVID-19 situation remains serious and we have been adjusting to it. But just the same we are already looking beyond COVID-19 as we explore new ways of running our businesses, engaging our customers as well as looking at new opportunities and forging strategic partnerships and investments,” Mr. Uy said.

Udenna is keeping hope that its financial position will keep it afloat through the pandemic, with cash levels up 31% to P13.51 billion in end 2019 and its total debt being long term in nature. It also has a debt-to-equity ratio of 2.71x in end 2019 from 3.09x in 2018.

Aside from Udenna Land, other companies under Udenna are listed Phoenix Petroleum Philippines, Inc.; listed Chelsea Logistics and Infrastructure Holdings Corp.; Enderun Colleges; Conti’s Bakeshop & Restaurant; Wenhpil Corp.; Eight-8-Ate Holdings, Inc.; PH Resorts Group Holdings, Inc.; and Udenna Infrastructure Corp. — Denise A. Valdez