Memorial park developer Forest Lake Development Inc. reported sustained growth in 2023 on rising demand for memorial lots, introduction of new parks, improved collection efficiency, increased development investments and higher interment service revenues.
Established in 1997 with parks initially built in Zamboanga and Iloilo, Forest Lake now has 37 operational memorial parks across Luzon, Visayas and Mindanao.
Forest Lake demonstrated consistent growth, with expansions between 2005 and 2015, doubling its network from 2016 to 2020 and launching eight new parks from 2021 to 2023.
Forest Lake said its revenues in 2023 reached P2.47 billion, surpassing 2022’s P2.17 billion by 12 percent. Sales revenues climbed 18.2 percent from P1.73 billion to P2.04 billion, while interment revenues rose 11 percent from P190 million to P210 million.
Net income before tax increased 15 percent from P527.8 million in 2022 to P607.2 million in 2023, with an EBITDA increase from P608 million in 2022 to P733.3 million in 2023.
The company’s assets saw a 20-percent increase, including a 51-percent rise in cash reserves and a 31-percent growth in sales receivables. Total equity also grew 18 percent, supported by a 48-percent rise in issued capital stock and a 25-percent increase in unappropriated retained earnings.
“We have our core values to thank for our stature in the industry: Personalized Service, Value Creation, Teamwork, Innovation and Creativity, and Professionalism,” said Alfred Xerez-Burgos III, president and chief executive of Forest Lake Development Inc.
“These values have always guided us in everything we do and have led us to provide the best kind of care to the families we serve,” Burgos said.
