VILLAR-LED Golden Haven Memorial Park Inc. said it posted a record consolidated net income that grew 19 percent for the full-year 2016, reaching P180.22 million, from P 151.12 million posted the previous year.
Revenues also were a record P814.59 million, from last year’s P692.80 million, or an 18-percent increase.
“Fueled by a successful initial public offering [IPO] in June 2016, the company delivered its highest numbers in terms of its memorial-lot and columbarium-vault sales, which resulted into record-breaking revenues and net income,” Golden Haven President Jerry Navarrete said.
“With a significant part of the IPO proceeds going into investments for expansion projects and the completion of our memorial chapels and crematorium we are planning to fully utilize in the coming year, we are confident with the company’s prospect for 2017,” he said.
Golden Haven increased its assets to P2.88 billion in 2016, from P1.79 billion in 2015, representing a 61-percent growth.
A significant part of this growth was the parallel increase in its property and equipment assets at P141.97 million, and its investment properties at P267.31 million.
These numbers represent the equipment purchased for the Golden Haven Chapels and Crematorium, as well as the new property acquired by the company, including land in Nueva Vizcaya and Pampanga, it said.
“With the upcoming launches of new parks in Bambang and San Fernando in the second quarter, we are expecting even better results for 2017 due to the recognition of returns from the investments made with the IPO proceeds,” company COO Maribeth Tolentino said.
“Beyond improved sales efforts and strategies, the expansion plans put into action this year gives the company an avenue for a solid pipeline for the coming years, along with new opportunities in previously untapped, high potential markets,” she said.
As of end-2016, the company has eight memorial-park projects, covering a total area of more than 66 hectares spread across various parts of the Philippines, including Las Piñas, Bulacan, Cebu, Cagayan de Oro, Iloilo, Nueva Vizcaya, Pampanga and Zamboanga.
The company has also entered into agreements to acquire property in various new areas in the country.