The Antonio family’s Century Properties Group Inc. reported a 13 percent growth in net income to P1.3 billion in the first nine months of 2023 from the P1.1 billion earned in the same period last year anchored on higher housing sales.
In a statement, the firm said it maintained a solid performance in the first nine months of 2023 as it recorded consolidated revenues at P9.7 billion, up 10 percent from P8.7 billion in the same period last year.
The higher revenues for came on the back of the steady rise in the contribution of CPG’s First-Home Residential Developments (First-Home) segment amounting to P5.3 billion or 55 percent of total revenues, an increase of 28 percent from P4.2 billion in the comparative period of 2022.
CPG’s In-City Vertical Developments and Commercial Leasing segments contributed 30 percent or P2.9 billion and 10 percent or P1 billion, respectively. The remainder came from its Property Management segment which contributed P376 million.
“The economic recovery of the country fully supports the growing demand of Filipinos for quality and affordable first homes,” said CPG Chief Finance Officer Ponciano S. Carreon, Jr.
He added that, “this translated into a strong sales take-up for our First-Home products and has put CPG on track to surpass its pre-pandemic performance despite the persisting headwinds.”
The company’s earnings before interest, taxes, depreciation, and amortization (EBITDA) for the first nine months of 2023 surged by 30 percent to P2.5 billion from P1.9 billion in the same period last year.
This is a result of the higher contribution from the high-margin First-Home segment and improved operating efficiencies of the other business segments.
The company also posted a healthy gross profit margin of 45 percent, higher than the 41 percent reported last year.
“We remain resolutely dedicated to our role in nation-building, diligently addressing the aspirations of Filipinos for high-quality, affordable, and strategically positioned homes,” said CPG President and CEO Marco R. Antonio.
He noted that, “as we forge ahead, we will intensify our business efforts to meet the soaring demand in this sector, driven by the unmet housing backlog in our nation.”
CPG previously announced its board approval to acquire Mitsubishi Corporation’s stake in PHirst Park Homes Inc., paving the way for the company to gain full ownership.
The planned acquisition has already received the green light from the Philippine Competition Commission in August.
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The article was originally published in Manila Bulletin and written by James A. Loyola.
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