Italpinas Development Corp. (IDC) said it closed 2024 with a profit of P376.8 million, a 102.2 -percent increase from the P186.3 million posted the prior year.
Sales grew 100.6 percent to P600.26 million from P299.11 million in 2023.
“This is the result of combined efforts to increase gross margin and reduction of certain fixed cost such as project management, administrative and marketing cost and interest expense,” the company said in a statement on April 20.
“Another significant contribution here is the gain on appraisal of the company’s investment properties recognized in 2024, which reflects the rise in their fair market value during the year,” it added.
IDC attributed its higher sales to ongoing projects like Primavera City Verde in Cagayan De Oro and Miramonti 1 in Sto. Tomas, Batangas.
“From inception, IDC has focused on being an early mover in emerging locations, foreseeing the current shift in real estate focus from Metro Manila to provinces, and this has paid off with the significant generated sales from these flagship projects during the year,” it said.
“Looking ahead, IDC is poised for continuous growth, with plans to expand into several new prime locations across the country, including Palawan, Boracay, Bataan, and Bukidnon,” the company added.
