Ovialand Inc. is optimistic about hitting targets this year despite the deferment of its initial public offering (IPO) plans.
Ovialand expects revenues of P1.9 billion this year as it delivers 684 houses under the affordable category.
“We are on track to hit our 2023 targets across our developments in South Luzon and our new development in Baliwag, Bulacan. As the economy battles increasing interest rates and inflation, we continue to focus on our strength — which is to create the best value house-and-lot units for our clients. This continues to yield very positive results for us,” said Pammy Olivares-Vital, Ovialand president.
Over the last three years, Ovialand’s revenues grew 300 percent, said Vital.
“In 2022, Ovialand grew its net income to P227 million from P166 million. Revenues also grew by 64 percent to P1.4 billion,” she added.
Vital said Ovialand is focused on expanding its current developments to have more house-and-lot inventory for buyers.
“Apart from that, we continue to focus on improving the efficiency in our construction methodology and ensuring that we continue delivering quality homes to our homebuyers,” she said.
In June, Ovialand announced suspending its P2.2 billion IPO citing the volatility in local and global markets. – Ruelle Castro
