CDC 2023 net income up 28% to P2.79B

CLARK FREEPORT — Clark Development Corp (CDC) reported a net income of ₱2.79 billion in 2023, up by 28 percent from ₱2.19 billion in 2022.

Total assets of the state-owned firm stood at ₱13.81 billion, posting a 12-percent growth from the 2022 figure of ₱12.31 billion.

The Commission on Audit substantiated the figures and recently issued an unmodified opinion on the CDC financial statements for the said year, CDC said in a statement.

Agnes VST Devanadera, CDC president and chief executive officer,  credited the financial gains to prudent fiscal management, incremental revenue shares arising from tourists’ spending, and locators’ confidence in the teamwork between the state firm’s management and board of directors.

READ: CDC remits ₱1.8-B cash dividends to national treasury

Devanadera said in the statement that CDC would continuously aim to improve the ease of doing business in the free port to retain existing investors and attract more branded businesses.

With its record-breaking performance, CDC remitted ₱1.8 billion in cash dividends to the Bureau of the Treasury on March 25, 2024. This is in support of Finance Secretary Ralph Recto’s call for higher dividend rate and early remittance.