MANILA, Philippines – Alphaland Corp., the property firm led by former trade minister and the country’s 11th richest man, Roberto Ongpin, announced that its net income grew 5% in 2012.
Alphaland posted a record P2 billion net income during the year despite being P125 million higher in costs and expenses compared to the previous year this was up from P1.92 billion in 2011.
Revenues for 2012 were P306.66 million up from P257.73 million in 201.
Its asset base grew by 54% in 2012 to P52 billion an increase of P18.2 billion from the previous year. Total equity increased by 46% to P35.5 billion from the previous years P24.4 billion.
Chief Finance Officer Marriana Yulo said that Alphaland has budgeted P5.8 billion for capital expenditure this 2013, up from the P4.4 billion capex in 2012 (previously at P10 billion).
“For this year we expect to spend another P4.8 billion to maintain the fast pace of our developments,” she said.
The shares of Alphaland, soared 50% to P29.25 when it resumed trading on March 1 after being suspended for 3 months for failing to meet the 10% minimum public ownership rule, which is part of capital market reforms.
The company’s portfolio includes a range of high-end developments:
- Alphaland Makati Place
The project has been delayed slightly but is due to be complete by the middle of this 2013.
- Alphaland Tower
The tower will be finished within the next month and ready for occupancy. The nearby City Club will be finished by the middle of 2013.
- Balesin Island Club
Many of the clubs facilities were completed during the second and third quarter of this year. Four of the seven villages were completed. The remaining villages expected to be complete by the second quarter of 2013.
- Boracay Gateway Country Club in Panay Island
Grading of roadways and polo field have been completed. No completion date set yet. Alphaland Bay City Completion date is 2014.