Villar’s Golden MV earnings reach nearly P1T

Golden MV Holdings Inc., the mass housing and memorial park developer led by tycoon Manny Villar, saw its net income balloon to nearly P1 trillion in 2024.| PHOTO: Manny Villar’s Official website

MANILA, Philippines – Golden MV Holdings Inc., the mass housing and memorial park developer led by real estate mogul Manuel Villar, saw its net income last year balloon to nearly P1 trillion on gains from the assessment of its investment properties, the highest in Philippine history.

The company disclosed to the stock exchange on Monday that its earnings skyrocketed to P999.72 billion from P1.46 billion in 2023, “largely driven by fair value gains on investment properties.”

According to Golden MV, they recorded P1.33 trillion in fair value gains.

The company’s net income surpasses that of record holder SM Investments Corp., the country’s largest company, at P82.6 billion.

As a result, total assets also surged to P1.37 trillion from P28.64 billion as of end-December.

Meanwhile, Golden MV’s revenues fell by 25 percent to P3.58 billion on lower real estate sales, which also declined by a quarter to P3.31 billion.