HOLDING AbaCore Capital Holdings Inc. (ABA) recently announced that its overall net income rose to 5 billion pesos in 2021, or 1.19 pesos per share, an astronomical turnaround from when it recorded a net loss of 101 million pesos, or 0.02 pesos. per share, during 2020.
Analyzing further, around 580 million pesos of this profit is regular income while the rest was a fair value adjustment on ABA’s properties as a result of the various strategic partnerships it entered into.
According to the company, its financial results for 2021 reflect a more stable operating environment and the resilience of the business as a whole.
“ABA’s financial results in 2021 have been positively impacted by secular trends involving Batangas’ economy, with more companies expanding their operations in the province given its attractive proposition as an economic powerhouse,” said said ABA President Raul de Mesa.
“As such, land values in Batangas have appreciated significantly in recent years, increasing ABA’s bottom line and increasing the return on investment for our shareholders.”
In 2021, ABA entered into agreements with companies seeking to expand their operations in Batangas. For example, the company entered into a $100 million joint venture with Starfleet Innotech under which ABA will provide land for the New Zealand-based asset management company to develop into a complex type.
The company is also continuing with plans to build its own Energy Hub, a 103-hectare energy facility in the province. In this regard, the company has agreed to provide land to a subsidiary of A. Brown & Co. for the development of a liquefied natural gas facility.
“ABA has a land reserve of approximately 330 hectares, which gives us the flexibility and ability to partner with various entities interested in investing in Batangas,” added de Mesa.
“Our 2021 financial results demonstrate that we have been successful in pursuing partnerships that fully leverage the potential of Batangas, and we expect this success to continue in 2022 as more investors and businesses recognize the economic viability of Batangas. province,” he said.