Primex names Abacan as independent director 

Publicly listed developer Primex Corporation is pleased to announce the appointment of Mr. Antonio S. Abacan, Jr. as an Independent Director to its Board. With a wealth of experience and a deep-seated passion for the industry, Mr. Abacan is expected to be a pivotal force in advancing Primex's strategic growth initiatives.

Mr. Abacan brings a distinguished career to this role, having held key executive positions and served on the Boards of Directors of various Metrobank Group companies. Additionally, he served as a Monetary Board member at the Bangko Sentral ng Pilipinas. His extensive background in these influential organizations positions him as a valuable asset to Primex.

Primex Corporation anticipates that Mr. Abacan's exceptional leadership, strategic insight, and unwavering commitment to excellence will seamlessly align with the company's mission and objectives.

“As our new Independent Director, Mr. Abacan will be instrumental in driving Primex Corporation forward, ensuring sustained growth and success within the industry,” stated Ernesto O. Ang, President and Chairman of the Board at Primex. “His profound understanding of market dynamics, coupled with his strategic vision, will guide us in navigating new opportunities and overcoming industry challenges.”

Primex has seen an upswing in financial performance in recent months. For the first quarter of 2024, the Company recorded Gross Revenues of P219.1 million compared to P46.1 million for the same period in 2023. This resulted in a Net Income After Tax of P82.1 million in the first three months of 2024, an increase of over 700% 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,” said Primex executive vice president Karlvin Ernest L. Ang.

He foresees revenues continuing to pick up with the recent completion of its flagship Primex Tower – a 50-storey LEED-certified office and commercial building located at the corner of EDSA and Connecticut Street in Barangay Greenhills, San Juan City.