Villar family-led memorial park developer Golden Haven Memorial Park Inc. grew net profit last year by 19 percent to reach P180.22 million, a record high for the company.
Golden Haven’s total revenues also hit a record level of P814.59 million, up by 18 percent from the previous year.
“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 in a press statement.
“With a significant part of the IPO proceeds going into investments forexpansion projects and the completion of our memorial chapels and crematorium, that we are planning to fully utilize in the coming year, we are confident with the company’s prospect for 2017”, Navarrete added.
Golden Haven boosted its assets to P2.88 billion in 2016, marking a 61 percent growth. A significant part of this growth was the parallel increase in its property and equipment assets, recorded at P 141.97 million alongside its investment properties, recorded at P 267.31 million. These numbers represent the equipment purchased for the Golden Haven Chapels and Crematorium, as well as the new properties acquired by the company, including land in Nueva Vizcaya and Pampanga.
“With the opening of the memorial chapels and crematorium in the first quarter of 2017, coupled 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”, said Golden Haven chief operating officer Maribeth Tolentino.
“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 stated.
Golden Haven ended 2016 with 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 properties in various new areas in the country.
The company debuted on the Philippine Stock Exchange last year under the stock symbol “HVN”, and is the first deathcare solutions company in the local bourse.