RESIDENTIAL property developer Ovialand, Inc. ended 2022 with a 37% increase in net profit to P227 million from the P166 million it recorded in 2021.

In a press release on Thursday, the company reported that revenues last year rose by 64% to P1.4 billion.

According to the company, revenues in the past three years have grown by 300% due to the rising demand for its projects, which is based on turned-over homes and financing taken from partners.

Ovialand President and Chief Executive Officer Pammy Olivares-Vital said that the company exceeded the initial revenue target of P1.2 billion to P1.4 billion.

“Midway through the year, we decided to speed up our construction due to higher-than-expected market demand for our premium affordable homes,” Ms. Olivares-Vital said.

In an earlier release, the company said that its earnings before interest, taxes, depreciation, and amortization grew by 39.4% to P306.4 million from P219.8 million the previous year.

Ovialand’s total assets rose to P1.6 billion from P1.1 billion in the previous year.

Ms. Olivares-Vital said the company began its entry in the Bulacan region to cater to the northern Metro Manila market as part of a five-year growth plan that started in 2021.

“We continue to be bullish with our growth so that we can support the demand for premium quality housing at an affordable price point for our growing economy,” she added. — Adrian H. Halili