Ovialand Inc., a house-and-lot developer with plans to hold an initial public offering this year, reported a 37-percent increase in net income last year on the back of higher revenues.
Ovialand said in a statement Monday net income reached P227 million in 2022, up from P166 million in 2021 as revenues surged 64 percent to P1.4 billion during the period.
“We started 2022 with a target of P1.2 billion in revenues, but we exceeded this to almost P1.4 billion as the year ended. Midway through the year, we decided to speed up our construction due to higher-than-expected market demand for our premium affordable homes,” Ovialand president and chief executive Pammy Olivares-Vital said.
“While global and local economic conditions remain challenging for everyone, we remained persistent with our targets and focused on our strength of giving Filipino homebuyers the value for their money on houses that are turned over within 3 to 6 months,” she said.
The property developer said its assets expanded to P1.6 billion in 2022 from P1.1 billion in 2021.
“We are on track with our 5-year growth strategy that was launched in 2021. Our strategy involves a regional growth approach,” Olivares-Vital said.
The company, which started with projects in Southern Luzon, recently expanded to Bulacan province. The project will primarily cater to the northern Metro Manila market.
“We continue to be bullish with our growth, so that we can support the demand for premium quality housing at an affordable price point for our growing economy,” Olivares-Vital said.
“Each premium quality home we turn over represents a more stable and promising future for our clients, and we are excited to carry out this mission throughout the country in the years to come,” she said.
Ovialand earlier reported plans to pursue its P2-billion IPO by the middle of 2023.
