Mass housing builder Ovialand Inc. on Tuesday bared earnings before interest, taxes, depreciation and amortization (EBITDA) in 2022 growing by 40 percent to P306.4 million from previous year’s P219.8 million.
Ovialand president and CEO Pammy Olivares-Vital said revenues last year exceeded the target of only 1.2 billion to P1.35 billion instead.
“To pursue further growth prospects, we have begun preparatory work for our public listing this year. Indeed, we aim for 2023 to be a period where Ovialand will mark grand, new chapters in its history,” Vital said.
Vital said company revenues last year translate to 614 house-and-lot units turned over to homebuyers, an increase from turned over or sold units of only 439 in 2021.
Ovialand’s revenues were 62 percent higher last year from P833.1 million in 2021. The 614 house-and-lot units sold were spread across its core markets in Laguna, Quezon, and Batangas.
“Ovialand’s financial results for 2022 reflect the continued demand of a new generation of Filipino homebuyers for our unique products. We are a company driven and committed to our brand mission of Premier Family Living,” Vital said.
Last year, the company started selling the Santevi, its third housing project in Laguna.
Ovialand anticipated generating P2.3 billion in sales from the Santevi project within three years.
Late in 2022, Security Bank Capital Investment Corp. arranged a P600 million corporate note for Ovialand fully taken up by Security Bank Corp.
Transaction proceeds will be used for land acquisition and development of more projects, particularly the company’s proposed expansion in Baliuag, Bulacan within the year.
The Home Development Mutual Fund or PAG-IBIG has rated Ovialand a top housing developer in South Luzon.
“The milestones we have achieved in 2022 motivate us to achieve greater things than what we have achieved in the past. We are set to launch our presence in Central Luzon by building housing developments in Bulacan,” Vital said.
“This would mark growth outside of the core markets we operate in and in line with our long-term vision of expanding our portfolio nationwide,” she said.
