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Saturday, March 2, 2024

Ovialand bares 90% increase in revenues

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Ovialand Inc., a mass housing developer that plans to go public this year, reported a 90-percent increase in revenues in 2021 to P900 million.

Ovialand said in a statement over the weekend said the revenues came from 433 house and lot units sold in 2021. These units have been taken out by financing institutions, with the Home Development Mutual Fund (Pag-IBIG) assuming a majority of these accounts.

“We are humbled that we achieved 90 percent year-over-year growth in our revenues despite the challenges brought by the pandemic. This places Ovialand in a financially strong position to successfully pursue its long-term growth plans, such as expanding nationwide by 2030 and our planned IPO by this year,” Olivares-Vital said.

Ovialand earlier said it plans to raise up to P1.5 billion from the initial public offering to enhance to its financial capabilities and support expansion plans.

The property firm this year plans to complete 600 houses in Southern Luzon and begin expanding in areas where it is poised to expand its market share.

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