AbaCore Capital Holdings Inc., a holding company involved in real estate, tourism, mining, and finance, reported consolidated net income of P2 billion in 2022, exceeding its target of only P1.8 billion. Earnings per share for the year computes at P0.4641.
ABA benefited from a P1.9 billion revaluation gains on its assets. Other sources of income include a gain of P399.7 million from the sale of investment properties, P71.76 million from the sale of investment in subsidiaries, and P15.2 million in dividends received from subsidiaries.
Expenses for 2022 amounted to P86 million, a decrease from P105.7 million last year.
“The year 2022 was filled with milestones for ABA given we pursued deals in the key sectors we operate in,” Raul B. De Mesa, president, CEO, and chairman said. “We look forward to executing these deals given the long-term value it will provide to our shareholders and the diversification they will provide to ABA’s income streams.”
On the Montemaria Shrine, a tourist destination in Batangas, ABA subsidiary Philippine Regional Investment Development Corporation (“PRIDE”) entered into a memorandum of agreement with Highsource Prime Building Inc. to build various projects at the shrine. These include a four-start hotel, a land and water amusement park, a 3D Glass Paradise and a residential community and commercial establishments.
It reported steady progress at its Monte Maria shrine development, with ABA and business partner Shanlin Real Estate Co. Ltd. conducting a groundbreaking ceremony this year for the construction of the various projects.
In mining, ABA entered into a coal operating agreement with Oriental Vision Mining Philippines Inc. involving its assets in Surigao del Sur. Under the agreement, ABA will receive royalty fees in the course of exploration work that ORVI will carry out for coal and other minerals.
ABA’s other business ventures include the development of ABA Energy Hub in Batangas and the consummation of land deals with various local business entities such as the Gaisano group and A. Brown.
