Business

Abacore seeks to reverse losses with the unit’s expected sales of the P958M

MANILA, Philippines – The holding company Abacore Capital Holdings is seen this year benefiting from a new revenue stream being released by the investment house’s subsidiary, Philippine Regional Investment Development Corp. (PRIDE), from the group’s new energy hub project in Simlong, Batangas Province.

In an announcement to the Philippine Stock Exchange (PSE) on Wednesday, Abacore said PRIDE would likely generate P958 million in gross sales from the energy hub this first semester through its operating units, Adroit Realty Corp. and San Isidro Catholic Memorial Park Development Corp.

Adroit and San Isidro are expected to post income from properties on the seafront, through which PRIDE and associated companies are estimated to secure P728 million. In net profit in excess of P100 million. In income to be booked on the sale of transferable securities.

These potential revenues are greater than the parent company Abacore’s prepandemic full – year profits and may bring the holding company back to profitability. Last year, Abacore had a net loss of P89.14 million, which is a reversal of P618 million in net profit in 2019.

PRIDE was also expected to reserve a profit from its partnership with SquidPay Technologies in converting and operating its PhilStar Development Bank into a Batangas-based digital bank, the release said.

Abacore said PRIDE expected even greater growth as a result of the relocation of logistics, energy and tourism-based businesses to Batangas.

With the “Build, Build, Build” program from the Duterte administration, Batangas has seen growth in industrial and tourist-based industries, Abacore said. This has also led to increasing investment in Batanga’s real estate in anticipation of capital gains.

“Abacore, PRIDE and all its affiliates are in the best position to strategically exploit the opportunities associated with the development and growth of Batangas Province as the next metro hub in the Calabarzon area,” the revelation said.

PRIDE, which has an authorized capital portfolio of P1 billion. And an asset base of P2.5 billion, aims to develop projects to lift the country.

Earlier this year, Abacore announced that its Abacore Energy Hub project in Batangas would finally continue after some delays caused by the pandemic.

The properties of the Abacore subsidiaries are consolidated in Simlong Energy Development Corp. (SEDCO), which will be majority owned by Abacore. This unit enters the energy business.

It was previously announced that Vires Energy, a wholly owned subsidiary of A. Brown Co. Inc., which had been notified to continue with its liquefied natural gas (LNG) and power plant, would establish operations in Batangas.

Abacore currently has interests in leasing gaming equipment, gold and coal mining, real estate and financial services.

TSB

Read Next

Do not miss the latest news and information.

Subscribe to INQUIRER PLUS to access The Philippine Daily Inquirer and other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 6pm. 4 and share articles on social media. Call 896 6000.

For feedback, complaints or inquiries, contact us.

Leave a Comment

Your email address will not be published. Required fields are marked *

*