LISTED property developer Primex Corp. said its 2016 net income nearly tripled, or rose 181 percent to P185.1 million from P65.9 million in 2015, driven by strong sales.
“Growth was mainly due to robust sales from the projects of both the parent and its subsidiary, Primex Realty Corporation,” the company told the Philippine Stock Exchange (PSE) on Wednesday.
Consolidated revenues jumped 165 percent to P589.8 million from P222 million in the previous year, with its flagship project, the Stratosphere, receiving high demand from both local and international buyers “and is substantially sold out.”
The skyscraper, a modern condotel located at the heart of the Makati Central Business District, is expected to be operational this year.
Primex said operating expenses rose by only 16 percent in 2017, highlighting improved cost management efficiencies. The developer ended 2016 with total assets of P1.9 billion.
“With our portfolio of prime commercial and residential properties acquired decades ago at very low prices and still booked at cost on our balance sheet, our company is in a very good position to enjoy sustainable earnings growth for many years to come,” Primex Corporation chairman and President Ernesto Ang said.
“Given this strong foundation, we are aggressively gearing up for more projects and developments where we conservatively foresee sustainable growth in the next five years,” he added.
“We have prepaid all group-wide debt early this year, so funding of future projects will not be an issue at all. In fact, the group is considering starting paying some dividends this year given a much stronger-than-expected balance sheet and income statement,” the Primex president said.
“With strong and sustained growth in the BPO [business process outsourcing]industry boosting demand for office, retail spaces, and foreign staff accommodation facilities, we are very comfortable that our plans are very much in line with growth sectors where strong demand is seen in prime areas,” Primex Director Kevin Ang said.
Incorporated in 1986, Primex is a listed real estate firm whose completed projects include two high-end residential projects—Goldendale Village in Malabon and The Richdale along Sumulong Highway, Antipolo City—as well as the Goldendale II and Tresor Residences also in Malabon.