Listed property developer Italpinas Development Corp. (IDC) posted a net income of P376.8 million in 2024 — a 102.2 percent increase from P186.3 million in 2023. 

The company said over the weekend that the sharp rise was driven by improved gross margins, reduced fixed costs, and a gain from the revaluation of investment properties.

The company said the earnings growth resulted from “a combined effort to increase gross margin and reduce certain fixed costs such as project management, administrative and marketing costs and interest expense.” 

It added that “another significant contribution here is the gain on the appraisal of the company’s Investment Properties recognized in 2024, which reflects the rise in their fair market value during the year.”

Sales swing up

Sales also jumped 100.6 percent to P600.26 million from P299.11 million, as ongoing projects like Primavera City Verde in Cagayan de Oro and Miramonti 1 in Sto. Tomas, Batangas continued to perform strongly.

Earnings growth resulted from ‘a combined effort to increase gross margin and reduce certain fixed costs such as project management, administrative and marketing costs, and interest expense.’

From its inception, IDC has focused on being “an early mover in emerging locations,” anticipating the real estate shift from Metro Manila to the provinces. 

The company said this strategy “has paid off with the significant sales generated from these flagship projects during the year.”

Basic earnings per share from continuing operations climbed 96.7 percent to P0.59 from P0.30, while book value per share rose 27.9 percent to P2.43 from P1.90.

IDC is looking to sustain growth by expanding into new prime locations nationwide, including Palawan, Boracay, Bataan and Bukidnon. 

The new flagship projects aim to “deliver IDC’s signature eco-friendly, sustainable and innovative developments.”