Golden MV Holdings, the Villar family’s real estate and memorial park development firm, reported a significant increase in net income to P999.72 billion in 2024, up from P1.46 billion the previous year.

The company said in a stock exchange report on Monday that the surge was attributed to fair value gains on investment properties, which reached P1.33 trillion for the year.

However, despite the rise in net income, the company’s core operations saw a slowdown.

Revenues declined by 25 percent to P3.58 billion from P4.76 billion in 2023, primarily due to a 26 percent drop in real estate sales as demand for residential units weakened. This led to a 29 percent decrease in operating profit, which fell to P1.22 billion from P1.71 billion a year earlier.

Costs and expenses were also lower, decreasing by 23 percent to P2.36 billion.

This was mainly attributable to the decrease in cost of sales and services from P1.94 billion to P1.31 billion, mainly due to a decrease in residential units sold.

Total assets rose sharply to P1.37 trillion as of the end of 2024, from P28.64 billion a year earlier, primarily reflecting fair value gains on investment properties.

The company also saw total liabilities climb to P355 billion from P14.03 billion, driven by an increase in deferred tax liabilities arising from fair value gains.

Golden MV Holdings expanded its portfolio last year with the acquisition of Althorp Land Holdings, Inc., Chalgrove Properties, Inc., and Los Valores Corporation, which collectively own 366 hectares of prime land within Villar City, a 3,500-hectare development south of Manila.