GOLDEN Haven Memorial Park, Inc. grew earnings by nearly a fourth in the first six months of the year, sustaining a double-digit expansion since joining the local bourse a year ago.
The listed death-care business of the Villar family, in a disclosure, said it reported a 24% uptick in net income to P104 million in the January to June period.
Revenues increased 13% year-on-year to P473 million in the first semester from P419 million, driven by higher memorial lot and columbarium sales, which improved by 12% to P441 million.
Golden Haven Chairman Manuel B. Villar, Jr. said expansion to new areas will be its top priority.
“As the company continues to solidify its foothold as one of the country’s biggest memorial park developers, with six recent acquisitions for new locations and expansion, we aim to ensure that we also remain the most progressive in the industry, by providing top notch services as evidenced by the successful operations of the company’s first memorial chapel and crematorium,” Mr. Villar said.
The completion of the memorial chapel and crematorium in the San Ezekiel complex in Las Piñas last June opens up a wide array of opportunities for the company.
The two-storey building, which features 12 fully furnished memorial chapels and two state-of-the-art cremation units, contributed P4.4 million to the company in its first three months of operation.
“Not only does it provide a steady, continuous, and replicable revenue model for the company, it also allows us to increase our sales numbers from related merchandise, including caskets, urns, and keepsakes,” Golden Haven Chief Operating Officer Maribeth C. Tolentino said.
The company has officially launched eight memorial park developments, covering a total area of over 66 hectares all over the country.
Shares in Golden Haven slipped six centavos or 0.38% to close at P15.90 each on Friday. – Krista Angela M. Montealegre