A remarkable shift has occurred within ABACORE Capital Holdings, Inc., transforming a substantial loss into a significant profit. The company announced a net income of P3.04 million for the third quarter, a dramatic reversal from the P30.25-million loss reported during the same period last year.
This turnaround wasn’t a matter of luck, but a deliberate strategy. Chairman and President Atty. Antonio Victoriano F. Gregorio III emphasized the company’s commitment to maximizing asset value and maintaining strict financial control as the driving forces behind this positive change.
The impact of this strategy is evident in the year-to-date results. From January to September, ABA’s consolidated net income doubled, reaching P82.67 million compared to P40.35 million the previous year. A key contributor to this growth was a substantial P172.076 million gain from the sale of investment properties.
Beyond strategic sales, careful cost management played a crucial role. Operational expenses decreased by 11%, falling to P83.02 million from P93.80 million. This reduction stemmed from lower professional fees, adjusted employee benefits, and optimized contributions to government programs.
ABACORE isn’t simply focused on internal improvements; it’s actively seeking future growth. The company is strengthening its financial foundation while simultaneously exploring opportunities within its core sectors, positioning itself for continued success.
A significant step towards future expansion involves a collaboration between ABA’s subsidiary, Simlong Energy Development Corporation, and the Philippine National Oil Co. They have entered into an agreement to assess the viability of a wind power project at the ABA Energy Hub in Batangas City.
Investor confidence in ABACORE’s trajectory is growing. On Thursday, the company’s stock closed at P0.38, marking an increase of 0.02 or 5.56%, a clear indication of positive market sentiment.
