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Immune from COVID: Ang siblings’ Primex book seven-fold hike in 2020 profits on P520M sales in Makati condo

Publicly-listed Primex Corp. booked a record hike in profits in 2020 despite the harsh impact of the pandemic on real estate sales.

Primex said its net profits zoomed up by 648 percent to P148.886 million in 2020 from P19.9 million in 2019.

Real estate sales surged to 527.946 million in 2020, up by 2000 percent from only P25 million in 1990. It also chalked up a 370 percent rise in rental income to P80.284 million in 2020.

Primex said its sold P520.579 million from its Stratosphere condo, a 34-storey tower in Salcedo Village along Valero St.

Primex is currently building the 50-storey Primex Towers on a 1,944-square meter lot at the corner of EDSA, Connecticut Street, and Florida Street at the Greenhills commercial district. The construction is currently at the 30th floor.

Primex reached a 52-week high of P3.55 before closing at P3.20 on April 29.

Primex is owned by its chairman and president Ernesto O. Ang and his siblings Eduardo, Emilio, Edgard, Ericson, and Jossie O. Chan.

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