Design and real estate development firm Italpinas declares a 35 percent stock dividend for shareholders, the second such declaration in five years.

Italpinas Development Corp. (IDC), the publicly liste green developer, announced last week the declaration of stock dividends.

“The board approved to declare up to 35 percent stock dividends,” IDC said in a disclosure last week.

The payment will come from retained earnings as of 31 December 2018 to be issued to shareholders as of record date.

IDC chairman and CEO, Romolo Nati, said the company continues to enhance value to its shareholders.

“Our net profit has been doubling in the last years. Our target is to continue achieving steady and well considered growth every year. We want to expand in other locations and consider broadening our scope in real estate products offered, according to opportunities presented in delivering our unique development philosophy with key markets. As an Italian-Filipino company, we are design-driven, and the first developer in the Philippines to combine green living with our unmistakable design aesthetic and performance-based architecture. We focus on emerging locations ahead of competition. This is the second time in less than five years that we declare stock dividends. Our stock has really grown a lot,” Nati said.

Nati commented that IDC gave 45 percent stock dividends in 2017 and 35 percent stock dividends this year, in 2019.

Jojo Leviste, IDC president, said, “Moving forward, the company is looking to expand in new areas in the country, and is also considering horizontal property development. As always, our developments will remain true to our core design philosophies and environmentally responsible thrust, which delivers efficiency, energy savings, and comfort to our end users. In whatever market we serve, and with any style of project development (such as high rise, or horizontal), these core values remain constant.”

IDC expects solid results in 2019 as strong sales of its pipeline of projects continue. Last year, the company posted a net income of P120.5 million, up 101 percent from its 2017 net income. During the company’s annual shareholders meeting last month, Nati expressed optimism growth would continue this year.

“We expect that the 2019 year-end net income will be higher than what we realized in 2018. As of September 2019, IDC sold more than 60 percent its residential units in the 2nd phase of its second major mixed-use condominium project, which is called ‘Citta Verde’ at Primavera City which was launched only last July 2019. Primavera City, which is designed to consist of 4 phases once completed, is strategically located at uptown Cagayan de Oro City.

IDC has also sold around 66 percent of residential units in its first project in Luzon, the Miramonti Green Residences in Sto. Tomas, Batangas, as construction continues.