Empire East posts profit, milestones
The company delivered P2.4 billion worth of reservation sales during the quarantine period
Property giant Empire East Land Holdings Inc. marked 25 years in the real estate industry in 2019 with a strong financial performance.
The company's net profit reached P615 million last year, an increase of 15 percent from P535 million in 2018 as residential real estate prices recorded a 10.4 percent year-on-year growth from 2018 to 2019, more significantly at a 29.1 percent growth rate for the 3rd quarter last year to indicate a healthy and stable demand for residential developments.
Empire East said in a statement that it attributed the favorable figures for last year to the company’s newest 24-hectare project launch, seven tower completions, prestige property and leadership recognitions and establishment of its corporate social responsibility programs.
The company delivered P2.4 billion worth of reservation sales during the quarantine period despite the temporary closure of its site and mall showrooms.
Momentum maintained
As the company strengthened its sustainability and resiliency programs, it expects to expand the Empire East brand’s reach and continue with its upward trajectory.
It is amazing to realize that we are now reaping the advantageous results of the innovations we implemented 25 years ago.
“While no company is an exemption to this health crisis as the virus continues to linger globally, it was during this time that Empire East discovered once again the strength of its foundation that brought us sailing steadfastly into a new era of doing real estate business,” Empire East President Anthony Charlemagne Yu said.
Under the values of innovation, flexibility, community and family welfare, Yu has personally witnessed how its crisis-resilient residential developments have made it easier to spark the Filipino bayanihan spirit during the health crisis.
“It is amazing to realize that we are now reaping the advantageous results of the innovations we implemented 25 years ago. Rest assured, that the city living solutions we will provide tomorrow, we are already anticipating and preparing for today,” shared Yu.
Adjustments made
Despite the effects of the crisis, Empire East remains confident in the company’s objectives that will lead to bigger growth and innovation while being more sensitive and caring to the market's needs.
In 2019, Empire East launched 37 CSR activities, exceeding its original target of 25 for its 25th anniversary.
A total of 4,000 people was assisted through the building of 41 houses for displaced families, planting 700 trees, assisting five schools and supporting 17 organizations and foundations. The company officially instituted its CSR arm “Empire East Cares” by the end of last year.