Udenna Corp. said it closed 2019 with profit of P3.39 billion. The company failed to provide a comparative figure for its full year result.
Revenues increased 17 percent to P110.67 billion, from the previous year’s P94.59 billion.
The company said it is the highest topline recorded in history.
It attributed its profitability mainly to the performance of its subsidiary Udenna Land Inc. which reported record net profits for the year.
Udenna posted P14.17 billion in earnings before interest, tax, depreciation and amortization during the year.
“The company’s financial position remained strong with leverage going down as shown by its debt to equity ratio improving to 2.71x from 3.09x in 2018. Moreover, 58 percent of Udenna’s total debt is long-term in nature while cash levels rose by 31 percent to P13.51 billion,” it said.
It reported a 121 percent increase in cash from operating activities to P7.83 billion.
“We are quite happy with the results but the work for creating shareholder value never ends; we continue to lay down the groundwork for Udenna’s future growth and profitability,” said Dennis Uy, Udenna chairman and chief executive officer.