Publicly listed Italpinas Development Corp. (IDC) posted phenomenal growth in 2015.
IDC reported that its sales soared by 62 percent to P216.5 million in 2015, a reflection of the success of its award winning Primavera Residences, a green building in Cagayan de Oro City.
In its disclosure for the year ending 2015, IDC said its operating income more than doubled to P51.1 million in 2015, or 129 percent higher than 2014’s P22.3 million. This resulted in a huge 142-percent jump in its net income to P44.476 million in 2015, from P18.356 million in 2014.
Its net profit margin, meanwhile, improved by 50 percent, from 14 percent in 2014 to 21 percent in 2015. The return-on-assets rate doubled from 4 percent in 2014 to 8 percent in 2015, while the return on equity was 14 percent in 2015.
IDC total resources jumped to P579.1 million, more than 20 percent higher that its 2014 asset level of P480.2 million.
IDC was listed at the Philippine Stock Exchange (PSE) and commenced trading on December 7, 2015. With the approval of the PSE and by the Security Exchange Commission, a total of 57.622 million common shares, representing 26 percent of the company’s outstanding share capital, was offered and subscribed at P3.60 per share through an initial public offering from November 23 to 27, 2015.
IDC is on track in pursuing its business plan for 2016. It is gearing up to launch its next green mixed-use condo project—Primavera City, also in Cagayan de Oro City this June. Primavera City is a cluster of seven buildings, the first two buildings—Towers A & B—are scheduled for construction by the third quarter of 2016.
Scheduled to be completed by the fourth quarter of 2018, Primavera City A and B are designed to consist of 11-story twin buildings, offering a total of 337 units (57 commercial/office units and 280 Residential units)—plus 100 basement-parking slots.