RESIDENTIAL home developer Ovialand, Inc. exceeded its revenue target for 2022, recording a double-digit topline growth as its operations further expanded ahead of a planned maiden listing.

In a press release on Tuesday, the company reported a 62% increase in full-year revenues to P1.35 billion from P833.1 million in 2021. It did not disclose net income figures.

“We are excited to announce that Ovialand’s 2022 revenue of P1.35 billion was able to exceed its initial 2022 revenue target of P1.2 billion,” Ovialand President and Chief Executive Officer Marie Leonore Fatima Olivares-Vital said.

Ovialand’s 2022 earnings before interest, taxes, depreciation, and amortization or EBITDA grew by 39.4% to P306.4 million from P219.8 million in 2021.

Last year, the company was able to turn over 614 house-and-lot units, which is higher than the 439 units sold a year earlier.

“2022 was a successful year for Ovialand as the company continued to expand its operations in its core markets,” it said.

Among these expansions is its third housing project in Laguna called Santevi from which it expects to generate P2.3 billion in sales within three years.

In late 2022, the company offered P600 million in corporate notes, with the proceeds allotted for the land acquisition and development of more projects, specifically its expansion in Baliuag, Bulacan this year.

Meanwhile, Ms. Olivares-Vital said the company is planning to launch in Central Luzon through building house developments in Bulacan.

“The milestones we have achieved in 2022 motivate us to achieve greater things than what we have achieved in the past,” Ms. Olivares-Vital said.

“To pursue further growth prospects, we have begun preparatory work for our public listing this year. Indeed, we aim for 2023 to be a period where Ovialand will mark grand, new chapters in its history,” she added. — Justine Irish D. Tabile