LISTED memorial parks developer Golden Haven Memorial Park Inc. posted record profits last year driven by strong sales of memorial lots and columbarium vaults following an expansion that kicked off in 2016.
The company said its consolidated net income reached P180.22 million last year, 19 percent higher than the P151.12 million recorded in 2015.
Revenues climbed 18 percent to P814.59 million from 2015’s P692.80 million.
“Fueled by a successful initial public offering (IPO) in June 2016, the company delivered its highest numbers in terms of its memorial lot and columbarium vault sales which resulted into record breaking revenues and net income,” Golden Haven President Jerry M. Navarrete said.
“With a significant part of the IPO proceeds going into investments for expansion projects and the completion of our Memorial Chapels and Crematorium that we are planning to fully utilize in the coming year, we are confident with the company’s prospect for 2017,” he added.
With the acquisition of new properties and equipment in line with its expansion program,
Golden Haven said its total assets increased to P2.88 billion last year, up 61 percent from the previous year, due to the acquisition of new properties and equipment, particularly new equipment for chapels and crematorium and new properties in Nueva Vizcaya and Pampanga.
“With the opening of the Memorial Chapels and Crematorium in the first quarter of 2017, coupled with the upcoming launches of new parks in Bambang and San Fernando in the second quarter, we are expecting even better results for 2017 due to the recognition of returns from the investments made with the IPO proceeds,” Golden Haven Chief Operating Officer Maribeth C. Tolentino said.
The company has so far developed more than 66 hectares of land and operates eight memorial parks in Las Piñas, Bulacan, Cebu, Cagayan de Oro, Iloilo, Nueva Vizcaya, Pampanga and Zamboanga. It listed on the Philippine Stock Exchange (PSE) in June 2016.