THE real estate firm Altus Property Ventures Inc. (APVI) announced on Tuesday a 29% increase in its 2023 net income, driven by higher rental revenue.
APVI’s net income reached P139.13 million in 2023 from P107.96 million a year ago, a sustained growth from P64.85 million in 2021.
This is mainly attributed to a 4.4% rise of rental revenues to P203.1 million from P194.4 million in 2022.
“The sustained healthy spending behavior of Filipino consumers in essential and discretionary purchases including in food, fashion, leisure, services, and entertainment significantly contributed to the upsurge in foot traffic and revenues,” Altus said in a stock exchange disclosure on Tuesday.
APVI owes all its revenue from the North Wing of Robinsons Place Ilocos, a two-storey mall located at San Nicolas, Ilocos Norte.
The cost of rental services fell 7.5% to P16.1 million in 2023 due to lower levels of repairs and maintenance expenses.
Its general and administrative expenses went down by 13% to P40.1 million from P46.1 million, due to a decrease in the billing of utilities.
Billing of utilities reached P24.78 million, 18.42% lower than last year, attributed to lowered power costs from coal and decreased fuel prices.
In 2023, the company’s total assets rose 16.48% to P1.06 billion from P911.43 million a year ago.
Its liabilities recorded P142.2 million, 8.4% higher than last year.
Earnings before interest, taxes, depreciation, and amortization (EBITDA) improved 10.2% to P157.2 million, while earnings before interest and taxes also rose to 11.7% to P146.6 million.
The EBITDA margin improved to 77% in 2023.
Meanwhile, total equity expanded by 17.8% to P919.4 million in 2023 from last year’s P780.3 million
Altus Property Ventures Inc. (APVI), formerly Altus San Nicolas Corp. is a subsidiary of Gokongwei-led Robinsons Land Corp. — Aubrey Rose A. Inosante