Clark Development Corp records P3.56-B revenue in 2022

Joann Manabat

This is AI generated summarization, which may have errors. For context, always refer to the full article.

Clark Development Corp records P3.56-B revenue in 2022

POST-PANDEMIC GROWTH. Clark Development Corporation reports a 35% hike in its revenue and 68% growth in net income in 2022.

CDC information office

The CDC also records a 68% hike in net income to P2.19 billion in 2022 from P1.3 billion in 2021

CLARK FREEPORT, Philippines – The Clark Development Corp obtained a 35% increase in revenue in 2022, reporting  P3.56 billion as of December 31, 2022 – up from P2.63 billion at the close of 2021.

Agnes VST Devanadera, chief executive officer and president of the CDC said on Friday, February 10 that the figure from the year end unaudited financial statement reflected an increase way higher than the usual annual revenue growth of 8% to 9%. 

Alizaido Paras, CDC assistant vice president for finance, credited the gains to prudent financial management and locators’ confidence in CDC’s leadership to guide the Clark Freeport Zone through the turmoil of the pandemic.

Paras said the CDC’s pandemic management record resulted in the generation of new investors, renewals of lease agreements, expansions, and innovations in business models to cope with the changing times. 

The CDC also recorded a net income of P2.19 billion, 68% higher compared to 2021 net income of P1.30 billion.  

The good financial news comes amid a backdrop of workers’ unrest, following a decrease in their take-home pay in December 2022 and January 2023 as salary deductions took effect with the new system approved by the Governance Commission for Government-Owned and Controlled Corporation (GCG).

Around 551 employees were affected by the discontinuation of allowances, benefits, and incentives under the Compensation and Position Classification System (CPCS) since December 14, when the management lifted an earlier order to maintain the status quo, according to the Association of Concerned CDC Employees.

REVENUE STREAM. The 2022 revenue of Clark Development Corporation was higher than even pre-pandemic 2019. CDC
Top investors

Paras said the new investors made up for the loss of 21 locators, including two that ceased operations during the pandemic, 13 that did not renew and six that pre-terminated their contracts.  

According to the CDC financials database, the top locators that contributed to its growth include Global Gateway Development Corporation, Yokohama Tire Philippines Inc., Philippines Air Asia Inc., Hann Philippines Inc (formerly Widus Philippines Inc.), Donggwang Clark Corporation (Sun Valley Country Club), SFA Semicon Philippines Corporation, Philexcel Business Park Inc., Asian Aerospace Corporation, Premier Central Inc., and BB International Leisure and Resort Development Corp.

The top developers with sublessees are: Berthaphil Inc., Philexcel Business Park Inc., Global Gateway Development Corp., Luzon International Premier Airport Development Corp., Korean Apple Core Corp., Sirus Realty Service Philippines Inc., Northwalk Clark Inc., Global Square Plaza Philippines Corp., Seong Rim Development Corp., and Filinvest Clark Mimosa. 

An upswing in employment was also reported in the post-pandemic period with 127,074 employees at the end of 2022, compared to the 121,241 in 2021 and 115,375 in 2020.

However, the current employment figure is still almost 10,000 less than the 136,418 recorded in 2019.

Must Read

CDC workers’ plight worsens with start of pay cuts

CDC workers’ plight worsens with start of pay cuts

Add a comment

Sort by

There are no comments yet. Add your comment to start the conversation.

Summarize this article with AI

How does this make you feel?

Download the Rappler App!