Sta. Lucia Land’s profit up 66%

PROPERTY developer Sta. Lucia Land, Inc. (SLI) on Tuesday reported a 66% surged in net income to P2.84 billion last year, driven by the company’s land banking initiatives.

“For year 2021, SLI has continued to grow and strengthen its foundation in select provinces through continuous land banking where the company has had proven and continued success, including new pioneer areas,” SLI said in a disclosure.

Gross revenues likewise increased by 24% to P8.37 billion.

SLI’s recorded sales growth of 64% in Mindanao, 41% in Visayas, and 22% in Luzon.

“Our balance sheet continues to expand as total assets increased by 14%, from P45.79 billion to P51.99 billion,” the company added.

In terms of land bank, the board of directors recently approved land acquisitions and joint venture agreements totaling 434.42 hectares (ha) across Cavite, Laguna, Batangas, Rizal, Bulacan, Pangasinan, Cebu, Iloilo, Cotabato, and Davao del Sur.

“The organization has also expanded its commercial properties adjacent to our residential communities with over 122.68-ha across the nation,” SLI said.

The company added that it is seeking to “unlock the values of these developed properties, serve the needs of the community and maximize its recurring revenues base.”

It has two subsidiaries, namely: Sta. Lucia Homes, Inc., which is engaged in property development and construction; and Santalucia Ventures Inc., which is engaged in marketing and advertising.

At the stock exchange on Tuesday, SLI shares closed unchanged at P2.93 apiece. — Luisa Maria Jacinta C. Jocson

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The article was originally published in Business World.