OVIALAND, Inc. recorded a 61% increase in its first-half revenues to P672 million from P417.5 million a year ago, which the company said gave it optimism about meeting its full-year target.
The real estate developer reported that it turned over 308 house-and-lot units in the first semester, higher by 43.9% than last year’s 214 turned-over units.
“Ovialand’s financial results for the first half of 2022 demonstrate the strength of its franchise despite persisting macroeconomic headwinds such as an elevated inflation rate, the surge of COVID-19 infections in January, and continued constraints in supply chains,” Ovialand President and Chief Executive Officer Marie Leonore Fatima O. Vital said in a press release on Tuesday.
“Given how we performed for the first six months of the year, we are optimistic that we will meet our year-end project of P1.2 billion in revenues,” Ms. Vital added.
The company also said that it plans to conduct a public listing once market conditions become more ideal.
In the next five years, Ovialand is targeting to expand its land bank to 200 hectares from 43 hectares at present. It is also planning to increase its house-building capacity to 3,000 units by 2025.
Ms. Vital said that its first-half financial performance motivates the company to continue growing its operations.
She added: “We are confident that we can successfully navigate changes in macroeconomic conditions given our continued commitment to providing every Filipino the promise of ‘Premier Family Living.’”
Ovialand’s developments are located in South Luzon, specifically in the provinces of Laguna and Quezon, but is working towards becoming a national real-estate developer, the company stated on its website.
Ovialand aims to begin projects in northern Metro Manila and Central Luzon by 2023 and targets to develop properties nationwide by 2030. — Justine Irish D. Tabile