Manila, Philippines—Golden Bria Holdings Inc., the holding company of death care company Golden Haven Inc. and mass housing developer Bria Homes Inc., reported a record 87% growth in net income for the first half of the year, P596 million in 2018 from P319 million in 2017.

The growth was fueled by a 55% increase in total revenues, P2.6 billion for the first half of 2018 from P1.7 billion for the first half of 2017. Real estate sales, which account for 97% of the total revenues, increased by 55% due to the strong sales for both residential units and memorial lots.

For the rest of 2018, the company will focus on the development and aggressive expansion of its current projects, along with the continuous land acquisition for both Golden Haven and Bria Homes. The company is looking at a capital expenditure budget of about P5.9 billion, which is more than double the P2.8 billion last year.

“Expanding our business to over 50 locations within the past year is an incredible feat, which has allowed us to fulfill our promises to our shareholders, establish Golden Haven as the country’s largest integrated memorial park developer, and incorporate the Philippines’ fastest growing mass housing developer, Bria Homes, into the company,” Golden Bria Chairman Manuel Villar Jr. said in a statement.

Golden Haven has 18 memorial park developments, which occupy over 130 hectares of properties across the country, while Bria Homes has 40 residential projects, which take up over 550 hectares in 37 cities and municipalities.