Green Developer IDC cited remarkable performance in 2018
The top management of Italpinas Development Corporation (IDC) led by its Chairman and CEO Arch. Romolo Nati and its President Atty. Jose D. Leviste III recently met with UCPB President Higinio O. Macadaeg, Jr. to update UCPB about the performance of IDC and to thank UCPB for its proactive support to IDC’s operations.
“Our financial performance in 2018 was very remarkable. Our net income jumped to P120.56 million, which is more than double compared to our 2017 net income of P59.90 million. The sales and marketing promotions implemented to sell the remaining inventory of Primavera Residences and Primavera City boosted our revenues which caused the sales to increase from P147 million in 2017 to P368 million in 2018. Moreover, our gross profit margin realized in 2018 of 66% increased by seven percentage points compared to that of 59% in 2016.Our debt to equity ratio improved from 6.52 in 2013 to 1.38 in 2018 owing to the accumulation of our retained earnings. ” said Arch. Nati.
UCPB has extended to IDC a revolving promissory note line, which has been very beneficial in addressing the operations of IDC. The bank also accredited IDC’s Primavera City Phase 1 condominium project located in Cagayan de Oro under its home loan buyers financing program.
“Our congratulations to IDC for its sterling performance in 2018. UCPB is committed to strengthen its relationships with IDC as one of our valued developers engaged in promoting sustainable projects through its award-winning real estate condominium projects- Primavera City and Miramonti Green Residences.” expressed UPCB President Macadaeg.
During the meeting, IDC President Jose D. Leviste III also took the opportunity to thank UCPB’s Vice President Alexander Borja and Account Officer Joy Moselina for their proactive assistance in addressing IDC’s needs. “IDC will continue to pursue its presence in emerging cities and offer its products not only to address the housing needs of its target market, but to introduce to the industry sustainable buildings, green projects which, we believe, are homes built with the future in mind. We see a growing market for our product and we are thankful to UCPB for supporting us in our passion to bring sustainable developments in emerging cities”added Atty. Jose D. Leviste III.