Golden Haven posts record profit, revenues

Golden Haven Memorial Park, Inc., one of the country’s leading memorial park developers, posted a 19 percent consolidated net income growth to a record R180.22 million last year from R151.12 million in 2015.

The firm said in a statement that its total revenues also hit a record high of R814.59 million from last year’s R692.80 million, for an 18 percent increase.

“Fueled by a successful Initial Public Offering (IPO) in June, 2016, the Company delivered its highest numbers in terms of its memorial lot and columbarium vault sales which resulted into record breaking revenues and net income,” said Golden Haven President Jerry M. Navarrete.

He added that, “with a significant part of the IPO proceeds going into investments for expansion projects and the completion of our Memorial Chapels and Crematorium, that we are planning to fully utilize in the coming year, we are confident with the company’s prospect for 2017.”

Golden Haven increased its assets to R2.88 billion in 2016, from R1.79 billion in 2015, representing an unprecedented 61 percent growth.

As reported by the company, a significant part of this growth was the parallel increase in its Property and equipment assets, recorded at R141.97 million, and its Investment properties, recorded at R267.31 million.

These numbers represent the equipment purchased for the Golden Haven Chapels and Crematorium, as well as the new properties acquired by the company, including land in Nueva Vizcaya and Pampanga.

“With the opening of the Memorial Chapels and Crematorium in the first quarter of 2017, coupled with the upcoming launches of new parks in Bambang and San Fernando in the second quarter, we are expecting even better results for 2017 due to the recognition of returns from the investments made with the IPO proceeds,” said Golden Haven COO Maribeth C. Tolentino. (JAL)