Healthcare company Philab Holdings Corp. reported a record net revenue of over P1.44 billion in its first year of operations as a publicly listed firm.
Philab completed a backdoor listing with Alterra Capital Partners Inc. and changed its name to Philab Holdings Corp. in late 2016.
It said net income increased P106.3 million or 4,226 percent from the reported loss of P2.5 million in 2016 to a profit of P103.8 million in 2017.
Earnings before interest and taxes grew P347 million or 29,419 percent from a loss of P1.1 million to a profit of P346 million.
Assets increased by 2,142 percent to P3.422 billion from just P153 million in 2016. Total stockholders’ equity also increased P612 million or 2,352 percent, from P26 million in 2016 to P638 million in 2017.
Philab said the revenue and profit growth were driven by the successful business ventures it closed last year.
“We are pleased with our performance and the progress that we have achieved for the past year and we will continue to amplify our projects this year to exceed our profit margin,” said Philab Holdings chairman and chief executive Tom Navasero.
Philab recently closed its first tranche of a foreign private placement with Epitrek Ventures Ltd. worth P250 million out of P1 billion total investment, and its subscription agreement of P500 million with Yamazaki Financial Ltd. The funds will be used for the company’s expansion plans in molecular diagnostics and genetics.
The firm said the Department of Education also lifted its suspension and allowed subsidiary Philab Industries to participate in DepEd’s bid for 2018.
“The past year was a testament of what the firm can achieve. We are optimistic in sealing more partnerships this year and reaching greater heights,” Navasero said.