AbaCore Capital Holdings Inc. (ABA), a holding firm with interests in the leasing of gaming equipment, gold and coal mining, real estate and financial services, reported an 8-percent increase in its net income to P2.6 billion in 2024 from P2.4 billion recorded in 2023.<\/p>\n
The company said a year-over-year increase in gains on fair-value adjustments to P3.5 billion last year from P2.6 billion in 2023 had an impact on its financial results.<\/p>\n
\u201cThe increase can be attributed to ABA\u2019s timely moves to capitalize on the appreciation of the value of its assets within its land bank.\u201d<\/p>\n
The gains last year exclude the sale of a 16-hectare investment property located in San Salvador, Lipa, Loob, Mataas na Kahoy, and Mabini in Batangas, it said.<\/p>\n
The property was sold for P346.4 million, net of cost and provision of taxes, and ABA would have reported a gain of P119.7 million from the sale, the company said.<\/p>\n
Despite the sale being made in 2024, the buyers of the investment property are still completing certain acts that prevented the gain from being reported in 2024.<\/p>\n
As such, this gain will be recorded in the first quarter of 2025, it said<\/p>\n
Despite multiple sales of assets within its land bank, there are still 350 hectares worth of land within ABA\u2019s balance sheet. This is due to the company continuously replenishing its land bank by making acquisitions.<\/p>\n
Total assets increased to P26.6 billion in 2024 from P23.3 billion in 2023.<\/p>\n
\u201cFor 2025, we look to maximize the gains from the sale of our assets as well as expanding the operations of our key subsidiaries,\u201d Antonio Victoriano F. Gregorio III, the company\u2019s president, said.<\/p>\n
For 2025, ABA said it will pursue long-term initiatives that would increase shareholder value and increase the value of the company\u2019s assets. These include the development of the Montemaria Shrine as a lifestyle destination and the implementation of its coal-mining project under its subsidiary Abacoal Development of the ABA Energy Hub in Batangas City.<\/p>\n