ITALPINAS Development Corp. (IDC) posted a P120.56-million net income in 2018, breaching the P100-million mark for the first time.
IDC’s net income last year was double the P59.9-million profit recorded in 2017.
For 2018, revenues surged 94% to P368.52 million from P147.4 million in the previous year.
“We would like to maintain the trend … In terms of gross sales, we booked around P360 million. We would like to double this year… Next year, we want to double our sales and continue with the growth percentage that we have been able to achieve in the past year,” IDC Chairman and Chief Executive Officer Romolo V. Nati said in a press briefing held on Tuesday in Taguig City.
Mr. Nati said the company hopes to sustain its growth momentum in the next few years.
“Actually, our plan is bigger. In terms, in span of five years we like to replicate in the growth that we experienced starting from 2013. It means we want to achieve a net profit of billions in the next five years, if we will be able to replicate the growth we delivered so far,” he said. IDC recorded a net income of P5.3 million in 2013.
IDC attributed its strong growth in 2018 to sales of its projects, particularly Primavera City in Cagayan De Oro City.
Located near SM City CDO, Primavera City is a mixed-use residential condominium project with six mid-rise buildings and one high rise tower. Broken down, 281 units will be allotted for residential, while 39 will be for commercial/office for the first phase.
Another project developed by IDC is Primavera Residences located within the Pueblo de Oro township also in Cagayan De Oro City. The two tower project, which has 298 units, has been sold out and has completed its turnover.
IDC is also developing the Miramonti project in Sto. Tomas, Batangas.
Shares in IDC went up by 1.63% or 0.08 centavos to close at P4.98 apiece on Tuesday. — Vincent Mariel P. Galang
