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Business

Ovialand bullish about meeting 2022 revenue target

Richmond Mercurio - The Philippine Star

MANILA, Philippines — Property company Ovialand Inc. of the Olivares family is bullish about meeting its year-end projection of P1.2-billion in revenues following a strong first half showing.

Ovialand said it generated P672-million in revenues during the first semester, a 61-percent jump from the P417.5 million recorded in the same period last year.

During the six-month period, the company turned over 308 house-and-lot units from its developments in San Pablo, Laguna and Candelaria, Quezon to clients, higher than the 214 house-and-lot units it turned over to clients during the first half of 2021.

“Given how we performed for the first six months of the year, we are optimistic that we will meet our year-end project of P1.2 billion in revenues,” Ovialand president and CEO Pammy Olivares-Vital said.

“Ovialand’s financial results for the first half of 2022 demonstrate the strength of its franchise despite persisting macroeconomic headwinds such as an elevated inflation rate, the surge of COVID-19 infections in January, and continued constraints in supply chains,” she said.

Olivares-Vital said Ovialand was also able to secure and nurture its long-term partnerships with major suppliers, which would enable the company to grow its bottom-line in the long term.

Ovialand’s housing developments are located in the South Luzon region, specifically in Laguna and Quezon.

The company has set ambitious expansion plans in its operations, such as building properties nationwide by 2030.

OVIALAND

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