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Primex revenues expand 1,000% to P222M in ’15

Publicly-listed real estate developer Primex Corp. reported that its total revenues for the year 2015 amounted to P222 million, a 1,069-percent increase from 2014’s  P19 million.
In his report during the company’s annual stockholders meeting held at the Marco Polo Ortigas, Primex chairman and president Ernesto Ang also said the company posted net income of P97 million for the year which is almost a 3,800-percent increase over the P2.5 million income recorded the previous year.
The jump in revenues and income was due to earnings of projects under Primex Realty Corp. which it recently acquired and is now a subsidiary.
According to Ang, they foresee a very significant revenue potential from The Stratosphere, for example, 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 the planned improvements and development of said assets.
Incorporated in 1986, Primex Corp. is engaged in 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, Greenhills in San Juan, Quezon City, Tagaytay, Antipolo, Malabon and Bulacan.
Ang added that in view of the much improved financial status of the company, in terms of revenues and net income, the board of directors is seriously considering declaring dividends in the very near future.
The board is also reviewing the implementation of a share buy-back program since it believes the company’s share price is undervalued.

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