Pueblo de Oro Net Income Jumps 15% in 2018
In a recent statement, Pueblo de Oro Development Corporation (PDO) confirmed a 15% profit gain in 2018. The residential development arm of the ICCP Group said its net income stood at P234.7 million in 2018, from P204.4 million in the year prior due to strong sales of its residential projects. The increase was driven by a 23% rise in sales revenue to P1.6 billion from P1.3 billion in 2017.
“The growth validates our strategy to focus on residential property. We are expanding and improving our portfolio to meet the very strong demand for affordable homes, particularly outside Metro Manila,” said PDO president Prim Nolido.
PDO has a wide range of residential projects from high-end properties to affordable economic housing projects covering over 500 hectares in Cebu, Pampanga, Laguna, Batangas, and Cagayan de Oro.
In terms of takeout housing loan deliveries, since 2014, PDO has consistently been among the top 5 developers recognized by the Home Development Mutual Fund (Pag-IBIG Fund) in Cebu. PDO’s residential projects in the Visayas include La Aldea Buena and La Aldea del Rio. Two of its subdivisions, La Aldea del Mar and Park Place, can be availed of through Pag-IBIG financing.
“In Cebu, 90 percent of our takeouts are actually Pag-IBIG. Overall, HDMF-financed houses represented 82% of the company’s total sales in 2018, amounting to over P1 billion in loan takeouts. With the increase in Pag-IBIG accounts in our Luzon, Visayas, and Mindanao projects, 2019 promises to be an even better year. We will continue to strive to achieve our goal of making Pueblo de Oro a formidable brand in the real estate industry,” said Mr. Nolido.
Source: Business World