MANILA, Philippines – Golden Haven Memorial Park Inc., the Villar family’s memorial park developer, registered a 27 percent increase in net income in the nine months to September to P135.5 million from P106.4 million a year ago.
This as the company churned in revenues of P607.3 million during the nine-month period, higher than the P506.1 million recorded a year ago.
Golden Haven chairman Jerry Navarrete said the double-digit growth was within expectations and in line with the company’s strategic expansion plans.
“The continued double-digit growth of the company in both our top line and bottom line numbers that we have delivered were in line with our strategic expansion plans of providing premier privately-managed memorial parks and services for Filipinos all over the country,” he said.
The company was the first to debut in the local stock market this year, raising P787 million from its initial public offering (IPO) last June.
Navarrete said proceeds from the IPO have been funding the company’s expansion.
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“The funds we raised from our successful initial public offering is now being deployed to acquire more properties for expansion, to develop our existing parks as well as to construct our first stand-alone memorial chapel and crematorium facility in the San Ezekiel complex in Las Piñas,” Navarrete said.
In all, the company plans to add an average seven new memorial parks a year with the aim of having at least 50 parks in the Philippines.
The company has nine memorial parks at present and will have 14 parks by the end of the year.
The parks are in Zamboanga, Cagayan de Oro, Cebu, Iloilo, Bulacan, Cavite, Las Piñas, Pampanga, and Nueva Vizcaya.
Golden Haven COO Maribeth Tolentino said as the company continues to expand, it also aims to further improve internal operations in order to match the growing number of products it offers.
