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CDC posts P3.5B revenue in 2022

The Clark Development Corporation (CDC) posted significant gains for revenues and net income in 2022 compared to the year before, its officials said.

In a statement, CDC Assistant Vice President for Finance Alizaido Paras reported that the unaudited financial statement as of December 31, 2022 stood at P3.56 billion in 2022, up by 35-percent from 2021 at P2.63 billion.

He said this was the highest recorded increase in revenue that usually averages 8 to 9-percent annually.

The data also shows a net income of P2.19 billion for CDC, 68 percent higher than 2021’s actual net income of P1.30 billion.

Paras said the gains could be attributed to CDC’s prudent financial management and locators’ confidence in its leadership to lead the Freeport through the turmoil of the pandemic.

This has resulted in the generation of new investors, renewals of lease agreements, expansions, and even innovations in business models to cope with the changing times, he said.