GREENERGY Holdings Inc., the listed company of businessman Antonio L. Tiu, said its net income last year rose to P2.8 billion, a 12-fold increase from the P21.3 million recorded in 2017.
In its report, the company said the increase is due to “the results of gain on reclassification of investment in associate to Fair Value Through Comprehensive Income amounting to P2.6 billion, gain on deemed disposal of investment in an associate of P186.42 million and gain on sale of investment in associate amounting to P78.97 million.”
Net of these gains, Greenergy’s gross income was at P1 million, equivalent to 29 percent of revenue and still a marked turnaround from 2017 when the company’s gross loss was at P1.49 million or -287.61 percent of revenue.
Revenues last year also turned around to P3.45 million from a mere P0.52 million in 2017, due to the increase in agri-tourism revenue and rental income from its 9-hectare property situated in Rosario, Batangas.
“Moving forward, Greenergy expects gross profit margins to improve significantly in the coming years when returns on the company’s investments become visible, especially on the increase in service income from agri-tourism, sale of harvests from greenhouse projects of one of its subsidiaries and potential project with Thebizlink Co. Ltd. that will generate sufficient cash flows,” the company said.
The particular project with Thebizlink Group is for the development of a transport hub, smart-farming agriculture area, smart-city commercial and mixed-use developments and other related developments. With these investments, the management of the group will continue to generate sufficient cash flows to complete its current and future plans.
Greenergy and Thebizlink Group entered into a memorandum of agreement in January for the project.
Last April, Greenergy also partnered with a Chinese multinational company for the distribution of solar-powered products in the Philippines.