Golden MV Holdings Inc., a death-care and real estate unit of billionaire Manuel Villar, saw its net income surge to nearly P1 trillion in 2024, thanks to significant appreciation in the value of its investment properties.
“Net profit increased to P999.72 billion from P1.46 billion in 2023, largely driven by fair value gains on investment properties,” the company said in a disclosure to the Philippine Stock Exchange Monday.
Golden MV said it recorded an increase in fair value gains on its investment properties amounting to P1.3 trillion in 2024, primarily due to value appreciation of investment properties.
Total assets reached P1.37 trillion as of Dec. 31, 2024, up from P28.64 billion a year earlier primarily due to the fair value gains of investment properties. The company acquired in September 2024 Althorp Land Holdings Inc., Chalgrove Properties Inc. and Los Valores Corporation which collectively own 366 hectares of prime land within Villar City—a 3,500-hectare development in southern part of Metro Manila and Cavite province.
These properties were recorded in the books as investment properties and accounted for using the fair value method, said Golden MV which will soon be renamed Villar Land Holdings Corp.
Revenues fell 25 percent in 2024 to P3.57 billion from P4.76 billion in 2023 as real estate sales decreased 26 percent to P3.31 billion from P4.46 billion.
These properties were recorded in the books as investment properties and accounted for using the fair value method.
Villar City is being developed to be a central hub for Metro Manila, combining economic, lifestyle, cultural and leisure activities to redefine urban living.
Under the plan, Golden MV will focus on developing Villar City, while Villar’s property firm Vista Land & Lifescapes Inc. will continue to develop its own land bank through Vista Estates across the country.
Total liabilities increased to P355 billion from P14.03 billion in 2023, led by higher deferred tax liabilities arising from fair value gains.
Golden MV’s stock price declined 2.5 percent Monday to close at P2,340.