New homebuyers lift Century Properties income
Century Properties Group Inc. (CPG) booked last year a 31-percent surge in earnings, hitting a record P2.44 billion, on the back of strong demand from first-time homebuyers.
Likewise, revenues jumped by 15 percent to P14.64 billion, CPG said in a statement on Thursday.
Revenues from its first-home segment, PHirst, alone swelled by 34 percent to P9.9 billion. Premium properties, on the other hand, contributed P3 billion to the group’s total revenues.
Leasing and property management revenues were flat at P1.31 billion and P464 million, respectively.
CPG has yet to disclose its full financial statement bearing additional details.
As of end-December, CPG’s total assets reached P55.9 billion, up by 3 percent.
“We are very pleased with our 2024 performance, which reflects our commitment to operational excellence, successful project completions and effective debt management,” CPG president and CEO Marco Antonio said.
CPG chief financial officer Ponciano Carreon Jr. also attributed the earnings growth to favorable macroeconomic conditions, which boosted the spending power of consumers.
“Our positive outlook on current and expected domestic policies, along with the stable economic landscape, gives us high confidence in CPG’s expansion through organic growth, strategic acquisitions and partnerships,” Carreon added.
Last year, CPG unveiled its massive P110-billion expansion plan for PHirst in the next five years, spanning 35 new projects housing around 50,000 units.
The brand currently builds mid-income and affordable housing developments.
Last month, CPG launched PHirst Centrale Batulao in Batangas province, representing its second township project.
The mixed-use estate, which is set to house residential, commercial, institutional and retail establishments, spans 142 hectares.
Apart from this, CPG also has Century City Makati, a mixed-use development, in its portfolio.
