IDC Top Management Briefs the Press of its 2018 Performance
Italpinas Development Corporation (IDC), the publicly listed green building developer, led by IDC Chairman/CEO Arch. Romolo Nati and President, Atty. Jose D. Leviste III, recently held a press conference at the Manila Polo Club to apprise its stakeholders of its 2018 performance. In attendance were journalists/columnists from Philippine Daily Inquirer, Philippine Star, Business World and Manila Times
“ Overall, 2018 was a very good year for us. IDC net income reached a high of more than P120 million. This is more than double compared to the P59 million net income which IDC generated in 2017. In comparison to our net income of P5.30 million in 2013, our net income in 2018 showed an increase of 22 times. The sales and marketing promotions to sell the remaining units of Primavera Residences and Primavera City boosted our sales to more than P368 million. Thus, this registered an increase of 150% compared to that of P147 million in 2017.” exclaimed Arch. Nati.
“ If we assume this trend to continue as we will do our best to undertake more projects, then five(5) years from now, our net income could be more than P2 billion.” Added Arch. Nati
It is also noted that IDC’s total resources increased to P1,250 billion in 2018 from P984 million in 2017. From an original share capital of P50 million, IDC’s capital stock increased to P110.81 million in 2015 when it had its Initial Public Offering. This share capital further increased to P160.81 in 2018. Because of the cumulative retained earnings since 2013, IDC’s total equity amounts to P525.45 million in 2018.
“ Our resources showed a continuing upward trend from P483 million in 2013 to P1,250 million in 2018. We were also able to manage our debt, assuring our creditors of our prompt payments. Our debt to equity ratio improved from 6.52 in 2013 to 1.38 in 2018.” said Atty. Jose D. Leviste III, President of IDC.
“ This remarkable performance proves the expanding acceptance of IDC’s products and services by our target market. To ensure our growth, we will continue to be watchful for opportunities in areas where we are present now as well as in other emerging cities which are of vital point of interests” added Atty. Leviste III.