AbaCore Capital Holdings Inc. said Friday it posted a net income of P4.6 billion in 2021, a turnaround from the P84.7-million net loss in 2020 as the company’s move to forge joint venture partnerships with several parties in Batangas provinces boosted operations.
AbaCore said in a statement around P580 million represented regular income while the rest was a fair value adjustment on the company’s properties as a result of the various strategic partnerships it signed with investors.
“ABA’s financial results for 2021 were positively impacted by secular trends involving the Batangas economy, with more businesses expanding their operations into the province given its attractive proposition as an economic powerhouse,” AbaCore chairman Raul De Mesa said.
“As such, the value of land in Batangas has significantly appreciated in recent years, therefore increasing ABA’s bottomline and boosting our shareholders’ return on their investments,” he said.
The company entered into deals in 2021 with businesses looking to expand their operations into Batangas including the $100-million joint venture with Starfleet Innotech. Under the deal, AbaCore will provide land to the New Zealand-based asset management company to develop a resort-like condotel.
The company said it also continues to pursue plans to build the ABA Energy Hub, a 103-hectare energy facility in the province. Based on the plan, AbaCore agreed to provide land to a subsidiary of A. Brown & Company for the development of a liquefied natural gas facility.
De Mesa said the company has a land bank of about 330 hectares, which allows it to have the flexibility and capacity to team up with various entities that are interested in investing its Batangas.
“Our 2021 financial results demonstrate we have been successful in pursuing partnerships that fully take advantage of Batangas’ potential, and we expect this success to continue in 2022 as more investors and businesses recognize the economic viability of the province,” he said.
AbaCore is a listed company with investments in real estate, tourism, financial services and energy.
The share price of AbaCore fell 2.1 percent Friday to close at P1.39.
