Italpinas Development Corporation (IDC), a publicly listed sustainable real estate developer, reported a 109 percent rise in net income after tax to P335.45 million for fiscal year 2024, up from P165.27 million in 2023.

In its Annual Shareholders' Meeting on Monday, data from which were released on Tuesday, the company disclosed that revenue doubled to P604.23 million from P301.93 million, supported by effective management operations. 

Total assets increased to P4.46 billion from P3.53 billion, driven by strategic land acquisitions and appreciation.

Total equity rose 45 percent to P1.71 billion, and the debt-to-equity ratio improved to 1.61 from 1.99, reflecting loan repayments and reduced borrowing.

On the other hand, return on assets climbed to 7.75 percent from 4.69 percent, while share net book value increased 25 percent to P2.36 per share.

New chief appointed

Along with expanding its Board of Directors from nine to eleven members, the company also appointed Engr. Giuseppe Garofalo as its new Chief Executive Officer. 

Garofalo, who served as Chief Operating Officer, brings extensive experience in engineering, construction, and operations management. 

“I am honored to take on this responsibility. IDC’s success is built on a unique blend of sustainability, innovation, and teamwork. I look forward to leading our talented team as we continue to grow responsibly, create value for our shareholders, for the environment, and for the communities, and deliver thoughtfully designed certified green developments to our clients,” Garofalo said.

Outgoing CEO Architect Romolo V. Nati, IDC’s co-founder, will remain as Chairman of the Board and assume the role of Chief of Design Office.

“As we enter this new phase where we need execution capability more than ever, I’m proud to pass the operational leadership to Giuseppe, whose deep expertise, proven implementation capabilities, and dedication have helped shape IDC’s success,” Nati said. 

“In my new role, I will continue to guide our design philosophy and long-term strategy, ensuring that our developments remain thoughtful, resilient, and responsive to the evolving needs of our communities,” he added.