Boutique property developer Italpinas Development Corp. (IDC) reported a 102 percent increase in net income for 2024, reaching ₱376.8 million, up from ₱186.3 million the previous year. The surge was driven by robust sales of ongoing projects in Cagayan de Oro and Batangas, coupled with improved operational efficiency and gains in property revaluation.
Revenue also doubled to ₱600.26 million, with strong performance from Primavera City Verde in Cagayan de Oro and Miramonti 1 in Sto. Tomas, Batangas. IDC credited its early-mover strategy in emerging locations for the success, noting a shift in real estate demand from Metro Manila to provincial growth centers.
“From inception, IDC has focused on being an early mover in emerging locations, and this has paid off,” the company said in a statement.
The company also improved profitability metrics, with basic earnings per share (EPS) rising by 96 percent to ₱0.59, while book value per share increased 28 percent to ₱2.43.
Operational improvements—including higher gross margins and reductions in fixed costs such as project management and marketing—contributed to the strong financial performance. Additionally, fair market value gains from investment properties boosted reported income.
Looking ahead, IDC plans to expand into new high-potential areas including Palawan, Boracay, Bataan, and Bukidnon, with new developments reflecting its hallmark eco-friendly and sustainable design principles.
To support continued growth, IDC entered into a strategic joint venture with long-time partner AV Pamatong Trading and Construction Inc. to develop Citta Grande, the third phase of its Primavera City complex. This mixed-use development will feature residential, office, and commercial spaces, further establishing IDC’s footprint in Mindanao.
Chairman and CEO Romolo V. Nati emphasized the importance of the partnership: “AVP’s quality and local expertise give us the security we need to move forward. We’ve been working with them since day one, and their track record speaks for itself.”
IDC’s strong 2024 performance underscores its growing role in the Philippine real estate sector, particularly in regional hubs outside Metro Manila.
