Arthaland net profit surges 59% to P1.4B

ARTHALAND Corp., a real estate firm owned by the Po family, said its net income surged 59 percent to P1.4 billion in 2023, from P873.1 million a year earlier, as revenues more than doubled, driven by strong sales.

In a filing on Friday, the company said brisk sales of office and residential units as well as commercial lots had boosted consolidated revenues to P6.6 billion from P2.9 billion.

Cost and expenses also rose by 118 percent to P3.9 billion from 2022’s P1.8 billion amid increased sales bookings and a higher percentage of completion.

Earnings from other businesses, it added, ballooned by more than seven times to P521.3 million from P68.1 million, driven by “higher interest income from short-term money market placements and gains on repossession arising from sales cancellation.”

Arthaland ended 2023 with total assets of P37.26 billion, slightly higher than the previous year’s P36.39 billion recorded, while total liabilities and total equity amounted to P24.1 billion and P13.1 billion, respectively.

Last month, the company announced plans to infuse P45 million in a majority-owned subsidiary, Bhavya Properties Inc., to support an ongoing residential development in Makati City.

In October last year, Arthaland

announced plans to subscribe to up to 663,000 preferred shares in Bhavya to provide additional funds for the project’s working requirements until its completion.

Bhavya is currently developing Eluria, a residential condominium with a total gross floor area of 14,656 square meters.

The project is expected to be completed next year.

Arthaland shares slipped by 3.77 percent to 51 centavos apiece on Friday.