Century Properties Group (CPG) reported a 21 percent growth in consolidated net income to P302 million in the first quarter of this year.
In a disclosure to the Philippine Stock Exchange, the firm said its revenues for the first quarter of 2023 improved by 28 percent to P3.3 billion from P2.6 billion in the same period last year.
“With the acceleration of domestic and global economic activities and the reopening of most businesses, CPG’s business segments have shown stability and continuous recovery,” it said.
CPG’s First-Home Market Residential Developments segment contributed P1.6 billion or 48 percent to its total revenues. This segment’s contribution remarkably increased by 33 percent year-on-year.
The Company also generated a 45 percent growth in revenues from its Commercial Leasing segment amounting to P312 million.
“The sustained good performance of our first-home market business segment reflects well the strong market appetite for quality, strategically located, and affordable homes, which serves not only every Filipino’s aspiration but also helps address the big housing backlog that our government is also prioritizing,” said CPG Executive Chairman Jose E. B. Antonio.
He added that, “We remain bullish in terms of business expansion and implementation of our strategic plans for this segment which, in the process, create value for our stakeholders and support our government’s efforts towards nation-building.”
In recent months, CPG announced the expansion of its First-Home Market’s product to also offer socialized, economic, and mid-income high-quality residential projects, in addition to its affordable housing products.
“We recently launched new projects, including Phirst Sights Bay Laguna, Phirst Editions Batulao Batangas, and Phirst Centrale in Hermosa Bataan, and as we roll out more projects and new product lines North and South of NCR, we will continue to take opportunities to go on a nationwide scale which will be our ultimate goal to further accelerate growth”, said CPG President and CEO Marco Antonio.
The company said it adheres to sound debt management and prudent financial controls. CPG redeemed its P3 billion fixed-rate retail bonds on April 15, 2022.
CPG has also announced that it will fully redeem its P3 billion Preferred Shares (CPGP) on July 10, 2023.
“Our balance sheet management objective of keeping our financial indicators at healthy levels will provide enough buffer for our expansion, opportunistic acquisitions, and even consolidation,” said CPG Chief Finance Officer and Treasurer Ponciano S. Carreon, Jr.
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The article was originally published in Manila Bulletin and written by James A. Loyola.
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