Tourism estate developer Global-Estate Resorts Inc. said Friday net income climbed 40 percent in 2022 to P2.1 billion from P1.5 billion in 2021 on strong recovery of its real estate, hotel and leasing businesses.
GERI said in a stock exchange filing consolidated revenues went up by 47 percent in 2022 to P7.3 billion from P5 billion in 2021.
“We have finally grown our income past our pre-pandemic level as we successfully positioned our company and captured the growing demand in the tourism and leisure market. In 2023, we look to setting new records for GERI as we continue to expand our offerings in the market,” said GERI president Monica Salomon.
Real estate sales went up by 59 percent last year to P5.9 billion from P3.7 billion as a result of higher construction completion rate.
Reservation sales improved 9 percent to P18.8 billion, boosted by strong sales take-up amounting to P5.2 billion.
GERI noted a strong demand for residential and commercial properties in Boracay Newcoast, Eastland Heights, Southwoods City, Twin Lakes and Arden Botanical Estate.
GERI launched the first phase of its 38.8-hectare Prana Garden Villas, a luxury residential village within the 340-hectare Sherwood Hills township in Trece Martires, Cavite, with a project value of P1.4 billion last year.
It also unveiled Caliraya Springs Residential Estates at The Hamptons Caliraya in Cavinti, Laguna, with a project value of P1.1 billion, The Lindgren Phase 3 at Arden Botanical Estate in Tanza, Cavite with P2.8 billion and Eastland Heights Phase 2H Village at Eastland Heights in Antipolo, Rizal with P377 million.
Hotel revenues nearly tripled to P420.5 million from P146 million, driven by easing mobility restrictions and increased tourist arrivals.
Leasing revenues grew 12 percent to P456.0 million from P409 million.
GERI has nine tourism estates and integrated lifestyle communities covering more than 3,300 hectares of land across the country.