Top mass housing developer 8990 Holdings Inc. reported a 63 percent jump in net income to P5.4 billion in the first nine months of 2021 from the P3.31 billion earned in the same period last year as the real estate sector begins to recover from the impact of the pandemic.
In a disclosure to the Philippine Stock Exchange, the firm said real estate sales rose 57.77 percent to P15.27 billion in the first nine months of 2021 from the P9.68 billion posted in January-September 2020.
Real estate sales for the third quarter this year increased by 11 percent to P5.34 billion from P4.83 billion for the same period in 2020 while net income grew by 6.56 percent to P1.94 billion from P1.82 billion in the third quarter last year.
According to 8990 Holdings President & CEO Anthony Vincent Sotto, the country’s real estate industry is starting to recover from the effects of the 17-month pandemic as the company notched double-digit growth in revenues for the third straight quarter this year.
“The administration’s efforts toward vaccinating our countrymen against the ongoing pandemic and its dire economic effects over the past one-and-a-half years are starting to bear fruit,” he noted.
Sotto added that, “Our outstanding results, both for the third quarter of 2021 and for the first nine months of the year, definitely show an increase in confidence for the future from our core market of first-time homebuyers and end users.” He also maintained that the company is set to eclipse its pre-pandemic performance levels within the last quarter of the year.
For instance, 8990 registered P15.4 billion in total revenues for the entire fiscal year 2019 — which the company is close to achieving already. 8990 has registered P15.35 billion in total revenues for the first nine months thus far.
Sotto is confident that the company’s net income goal for 2021 is quite achievable, given that 8990 registered P5.86 billion in net income during the pre-pandemic fiscal year of 2019. Thus far, 8990 has posted P5.4 billion in net income for the first nine months this year.
“We are confident that with our products geared specifically to our core housing market, 8990 will finish 2021 strongly and signal the economy’s recovery for 2022 and beyond,” he said.
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Article was originally published in Manila Bulletin and written by James A. Loyola.
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