Eton Properties intensifies CSR initiatives in 2024 with TYKFI
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Eton Properties’ continuous support for underserved Filipinos through CSR programs
June 11, 2024Eton Properties reports double digit earnings increase in 2023
Eton Properties reports double digit earnings increase in 2023
Centris Cyberpods in Eton Centris, Quezon City, form part of Eton Properties Philippines, Inc.’ s extensive office leasing portfolio. The Company’s leasing business unit contributed 88% to the total revenue in 2023.
Eton Properties Philippines, Inc. reported an 11% growth in total revenue in its last Annual Stockholders’ Meeting held online recently. From Php 2.5 billion in 2022, Eton’s revenue rose to Php 2.8 billion in the previous year. Subsequently, the Company’s net income experienced substantial growth of 152% in the same year, reaching Php 746 million from Php 296 million in 2022.
In his President’s Report, Kyle C. Tan, President and Chief Executive Officer of Eton Properties, attributed this considerable increase in financial performance to operational efficiency, sound financial management, a diversified portfolio, and one-time gains.
“Eton Properties remains committed to sustainable growth and creating value for its shareholders. This has been reflected by our renewed and strategic focus on sales, a healthy leasing income and process streamlining,” says Tan.
Eton also posted an increased income ratio from 12% to 27% in 2023, while the debt-to-equity ratio slightly improved from .58 to .45. The leasing portfolio, on the other hand, remains the primary growth driver with an 88% contribution to the total revenue, exhibiting a 16% increase, climbing from Php 2.1 billion to Php 2.5 billion. Most of the leasing income was generated by office leasing comprising of 69% to the total contribution followed by commercial leasing at 22% and residential and miscellaneous leasing portfolios at 9%.
All of the Company’s office spaces made a healthy outlook last year, closing approximately 136,429 square meters across key developments such as eWestPod, Blakes Tower at Eton WestEnd Square in Makati City; and Centris Cyberpod One inside the 12-hectare Eton Centris in Quezon City. Moreover, Centris Cyberpods Two and Three maintained high occupancy rates of 78% and 100%, respectively.
More stores were opened last year in the four-hectare commercial property, Eton City Square, inside the 600-hectare Eton City in Sta. Rosa, Laguna and now generating several inquiries and capturing strong interest from business locators.
“As the market regains confidence influenced by economic stability and strong consumer spending, we are expecting to open up more stores across all commercial properties and retail districts this year,” says Tan.
South Lake Village at Eton City in Sta. Rosa, Laguna is a 78-hectare high-end residential enclave made up of distinct island lots surrounded by a 35-hectare man-made lake. Eton Properties Philippines, Inc.’s renewed focus on sales drove a considerable increase in the Company’s 2023 financial performance.
On a renewed focus on sales, Eton has garnered Php 137 million from the residential sales of its projects such as 68 Roces in Quezon City; South Lake Village, RiverBend, TierraBela, and WestWing Residences in Eton City.
Eton to capture a niche market
Eton is poised to unveil two residential communities envisioned to be oases in an urban setting, and introduce a new hotel brand in the next two to three years.
The two residential communities will boast low to medium density, emphasizing on spaciousness and comfort for residents, and it will be located in the most prime locations within Metro Manila. Positioned strategically, these communities will be nestled in the most coveted and sought-after addresses, which could help leverage on market opportunities that could further drive sales revenue.
Tan remains keen on creating high-value and sustainable developments in its properties in Sta. Rosa, Laguna and Mactan, Cebu, “Looking ahead, we aim to evaluate opportunities in Eton City, explore join ventures in real estate, and launch new projects in the Visayas region to sustain growth and create value for stakeholders.”
Eton Properties is the real estate brand of the Lucio Tan Group, one of the biggest business conglomerates in the Philippines. Its foreign counterpart, Eton Properties Ltd, is an established real estate brand in Hong Kong and mainland China. With an extensive land bank in strategic locations all over the country, Eton Properties specializes in office projects, commercial centers, and mixed-use township developments, as well as, high-end and mid-income high-rise and horizontal residential developments.
