Screengrab from https://www.arthaland.com.ph/
MANILA, Philippines – Arthaland Corp. reported an increase of 6.4 percent in its net profit last year to P283 million on the back of higher revenues from a flagship Bonifacio Global City residential project.
Arthaland, a boutique property developer led by a partnership between AO Capital of banker Jaime Gonzales and the Po family’s Century Canning Corp., posted a 60 percent growth in 2013 revenues from real estate to P2.33 billion. This was attributed to the strong performance of Arya Residences in BGC.
The project is a two-tower development, each with unique architectural design. Residential units in the first tower are scheduled to be turned over to buyers beginning the fourth week of March while the second tower will be delivered starting the first quarter of 2016.
In a disclosure to the Philippine Stock Exchange on Monday, Arthaland said the growth in revenue was driven by the sustained sales take-up, completion of Arya Residence’s Tower 1 as well as on-schedule construction of the project’s second tower. Property developers book revenues out of real estate sales after reaching a certain percentage of completion.
“ArthaLand has benefited from the very vibrant economic environment of 2013 that encouraged more investors to put their stake in the property sector,” said Arthaland president Angela Villa-Lacson. “Among the many available developments, many have chosen Arya Residences, recognizing its top-end quality and sustainability features.”
According to the company, its Arya Residences project is the Philippines’ first and only top-end condominium development that is on target to achieve dual green building certification.
Given this net income of P283 million for the year, the company’s board approved the declaration of regular and special dividends of P63.8 million and P127.7 million, respectively to stockholders of record as of March 28 this year. Payment date is set on April 22. This is the second successive year that the company has declared dividends.