Primex names Abacan as new independent director

MANILA, Philippines — Listed property developer Primex Corp. is bullish on sustaining its growth momentum with the addition of former Monetary Board member and former Metrobank president Antonio Abacan Jr. as an independent director to its board.

Primex said Abacan’s appointment is expected to be a pivotal force in advancing the company’s strategic growth initiatives given his “wealth of experience and a deep-seated passion for the industry.”

“As our new independent director, Mr. Abacan will be instrumental in driving Primex Corporation forward, ensuring sustained growth and success within the industry,” Primex president and chairman of the board Ernesto Ang said.

Abacan held key executive positions and served on the boards of directors of various companies under the Metrobank Group.

He also served as a Monetary Board member at the Bangko Sentral ng Pilipinas.

Primex said his extensive background in these influential organizations positions him as a valuable asset to the company.

“His profound understanding of market dynamics, coupled with his strategic vision, will guide us in navigating new opportunities and overcoming industry challenges,” Ang said.

Primex posted a surge in gross revenues to P219.1 million in the first quarter from P46.1 million in the same period in 2023.

Its strong topline resulted in a net income of P82.1 million during the period, a jump of over 700 percent from the P9.6 million reported in the same period last year.

“For the first three months of 2024, the company consummated real estate sales amounting to P175.8 million, compared to the same period last year, which was only driven by rental income,” Primex executive vice president Karlvin Ernest Ang said.

He said the company’s revenues are expected to continue picking up with the recent completion of its flagship Primex Tower, a 50-story LEED-certified office and commercial building located at the corner of EDSA and Connecticut Street San Juan City.

As part of its land bank, Primex maintains land assets located in various prime locations for development of residential subdivisions, high-rise residential and office condominiums as well as master-planned housing units.

Its thrust in real estate development is geared toward consumers belonging to the upper-income brackets.