Udenna Land delivers strong revenues for Dennis Uy's growing empire, but the coronavirus pandemic hurts prospects for 2020.
BUSINESS. Dennis Uy at a Senate hearing. File photo by Angie de Silva/Rappler
MANILA, Philippines – Tycoon Dennis Uy's Udenna Corporation raked in P110.7 billion in revenues in 2019, the highest ever in the company's history, driven by profitability of Udenna Land. However, Udenna's net income stood at P3.4 billion last year, according to a statement on Monday, June 8. This is lower by 30% from the P4.9 billion recorded in 2018.
Industry insiders and critics have repeatedly raised concerns over Udenna's highly leveraged growth, as well as where Uy is getting all the liquidity. But the company noted that its debt-to-equity ratio improved to 2.7 from 3.09 in 2019. Generally, a good debt-to-equity ratio is around 1 to 1.5, but this figure varies by industry, as some require more debt financing than others.Uy said he is"quite happy" with the 2019 earnings, but noted that the
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