After strong 2024, Italpinas expanding to new locations

MANILA, Philippines — Italpinas Development Corp. (IDC), a listed real estate developer of sustainable properties in the Philippines, intends to expand into several new prime locations across the country as it looks to sustain its growth after more than doubling its profit last year.

IDC has set its sights on continuous growth, with plans to expand in Palawan, Boracay, Bataan and Bukidnon.

The company said the new projects aim to deliver its signature eco-friendly, sustainable and innovative developments to further cement its position in the real estate market.

To focus on its core real estate business, IDC has recently announced plans to dispose its entire 25 percent stake in a renewable energy development firm.

IDC said it is selling its entire holdings of five million shares in Constellation Energy Corp., a company engaged in the development of renewable energy facilities to provide clean sources of power and assure a stable supply of electricity to Filipino homes and industries, for P6.5 million.

The sale of its minority stake also streamlines and simplifies financial reporting, as well as eliminates exposure to non-core businesses.

In 2024, IDC’s net income surged by 102.2 percent to P376.8 million from the previous year’s P186.3 million.

“This is the result of a combined efforts to increase gross margin and reduction of certain fixed cost such as project management, administrative and marketing cost and interest expense,” IDC said.

“Another significant contribution here is the gain on appraisal of the company’s investment properties recognized in 2024, which reflects the rise in their fair market value during the year,” it added.

IDC also reported a 100.6-percent jump in sales to P600.3 million from P299.1 million in 2023.