San Juan—(PHStocks)—Real estate developer Primex Corp. (PSE: PRMX) reported that its total revenues for the year 2015 amounted to PhP222 million, a 1,069% increase from year 2014 levels of only PhP19 million.
In his report during the company’s annual stockholders meeting held at the Marco Polo Ortigas, Primex Chairman and President Ernesto O. Ang also stated that the company posted net income of PhP97 million for the year, which is almost a 3,800% increase over the PhP2.5 million income recorded the previous year.
The jump in revenues and income was due to the earnings of projects under Primex Realty Corp., which it recently acquired and is now a wholly owned subsidiary. According to Ang, they foresee a very significant revenue potential from The Stratosphere, a condominium project in the heart of the Makati CBD.
“Revenues from The Stratosphere have and will consequently flow in to the company’s total income,” said Ang. The listed firm believes that its major investment in its subsidiary is earnings accretive and at the same time, shall also enhance its shareholder value not only now but in the years to come.
With its portfolio of prime commercial and residential properties bought decades ago at very low prices and booked at-cost in its balance sheet, the firm has enormous net asset value revaluation potential plus further earnings upgrade upon planned improvements and development of said assets.
Incorporated in 1986, Primex Corp. engages in the many aspects of real estate, including raw land acquisition, development, marketing, and leases. Primex currently holds a land bank of prime properties in Makati City, Greenhils in San Juan, Quezon City, Tagaytay, Antipolo, Malabon, and Bulacan.