LISTED holding company AbaCore Capital Holdings, Inc. on Tuesday said its net income improved by 20% to P2.4 billion in 2023 from P2 billion in 2022, led by gains from land assets.

“The growth in income can be primarily attributed to an increase in its recorded gains of revaluation, which grew on a year-over-year basis to P2.6 billion from P1.9 billion. This includes acquisition by the company of additional land assets at below market value,” AbaCore said in an e-mailed statement.

AbaCore saw a 5.7% decline in its gross income to P459.4 million from P487.2 million in 2022, attributed to the company’s shift in policy towards developing its own projects to secure a more stable source of recurring income, as opposed to its previous focus on selling investment properties.

The company’s gross income comprised gains of P374.9 million from investment properties sold in Batangas and other provinces, a gain of P75.8 million from the sale of shares in Montemaria Shrine in Batangas, and dividend income of P6.3 million from subsidiaries Pacific Online Systems Corp. (LOTO) and Pride Star Development Bank.

“AbaCore’s financial results for 2023 reflect the company’s success in leveraging its strengths and by partnering with entities who can maximize the capabilities of our assets,” AbaCore Vice-Chairman Antonio Victoriano F. Gregorio III said.

“We also expect our long-term strategic change of developing more projects on our own to bolster our future financial results as it would allow us to be more aggressive with our expansion and growth plans,” he added.

AbaCore aims to continue its planned projects, such as the development of the Montemaria Shrine as a lifestyle destination, and to sell off its investment properties to boost revenue.

The company also continues to maintain an agreement with Oriental Vision Mining Philippines Corp. to monetize its coal assets in Surigao del Sur, while LOTO has an agreement with the Philippine Charity Sweepstakes Office to develop an online lottery platform.

“Moving forward into 2024 and beyond, AbaCore will continue pursuing a long-term strategy of diversifying revenue and income sources. This includes the ongoing development of Montemaria Shrine — with the addition of facilities such as a water park, glass walkway, and a hotel — and implementing our existing business partnerships,” Mr. Gregorio said.

“We will also continue making strategic investments into our property bank and working with local and foreign venture entities to maximize the financial potential of our assets,” he added.

AbaCore is a holding company with interests in various sectors such as real estate, tourism, finance, and mining.

On Tuesday, AbaCore shares fell by 5.41% or six centavos to P1.05 per share. — Revin Mikhael D. Ochave