16/09/2024
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Happy to announce that Forest Lake Development Inc. achieved a significant milestone in 2023 with our total revenues reaching ₱2.47 billion, surpassing 2022 revenues of ₱2.17 billion, up by 12%.
Revenue growth was driven by higher sales of memorial lots coming from the launch of new memorial parks, expansion from the 35 existing parks, excellent collection efficiency, increased development spending and higher interment services revenues. Revenue from sales jumped by 18.2% from ₱1.73 billion to ₱2.04 billion, while interment revenues increased by 11% from ₱190 million to ₱210 million YoY.
Net income before tax increased by 15% from ₱527.8 million in 2022 to ₱607.2 million in 2023 with an EBITDA increase from ₱608 million in 2022 to ₱733.3 million in 2023 thereby increasing profitability from 28% to 30%.
The balance sheet’s assets also grew by 20% coming from an increase in cash reserves by 51% and increased receivables from new sales by 31%. Total equity grew by 18% as the company’s issued capital stock increased by 48% and unappropriated retained earnings grew by 25%.
Thank you to our dedicated team and valued clients who share our vision to build A BETTER PLACE where generations of family memories are treasured, immortalized and celebrated by the living.