GOLDEN Haven Memorial Park Inc., a listed memorial services company owned by the Villar family, posted a 23 percent year-on-year increase in its first-half net income to P84 million, buoyed by strong real estate sales.
Golden Haven, one of the largest memorial park developers in the country, said its revenues in the first half rose 30 percent from a year ago to P418.9 million, led by sales of memorial park lots and columbarium vaults.
Golden Haven listed on the Philippine Stock Exchange (PSE) last June 29 and raised P778 million from its initial public offering, which it plans to use for its expansion.
“The fresh capital raised will help us achieve our ‘Park in Every Hometown’ strategy to provide premier privately-managed memorial parks and services for Filipinos all over the country,” Golden Haven chairman Jerry M. Navarrete said at the time.
“We aim for Golden Haven to become the nationally recognized brand in the death care products and service industry,” he added.
The company’s total assets as of end-June stood at P2.7 billion, up 53 percent from a year ago.
Golden Haven will focus on land banking strategies going forward, its chief operating officer Maribeth C. Tolentino said.
“The company will continue its strategic expansion throughout the country by acquiring land that will focus on key locations. The previously announced memorial parks in Bambang and Pampanga are set to formally launch by this year, while over 30 hectares of new properties are eyed for new projects of the company, which include locations in South Luzon and Visayas,” Tolentino said.
It also plans to expand operations in locations where its affiliate, Vista Land & Lifescapes Inc., has projects to capitalize on the marketing synergies.
The company also plans to buy two fast burning cremation machines for its first crematorium and begin the second phase of development of its columbarium in Las Piñas City.
Golden Haven has so far developed more than 55 hectares of land and has presence in eight locations nationwide. It is the first company to be listed on the PSE this year and is the first death care and services company in the country to go public.