LISTED Century Properties Group, Inc. (CPG) recorded an 87% increase in its second-quarter attributable net income to P664.16 million from P354.31 million last year, led by its affordable housing segment.
Revenues during the second quarter dropped by 5.1% to P3.58 billion from P3.77 billion a year ago, CPG said in a regulatory filing on Wednesday.
For the first half, CPG grew its attributable net income by 64% to P1.07 billion from P656.3 million last year.
Revenues rose by 6% to P7.16 billion from P6.74 billion last year, while earnings before interest, taxes, depreciation, and amortization (EBITDA) increased by 45% to P2.11 billion.
“The substantial growth in CPG’s EBITDA and our bottom line far outpaced the incremental increase in our top line due to the convergence of several strategic moves put in place by the company,” CPG Chief Finance Officer Ponciano S. Carreon, Jr. said.
“Without losing sight of the premium residences that our customers and market expect from an established ‘Century Brand,’ we were bullish in favor of the robust real needs of our fellow Filipinos for affordable and quality homes, bringing in the much-needed high-margin, high-velocity products…,” he added.
CPG’s First-Home Residential (PHirst) platform accounted for P4.4 billion or 61% of total revenue, led by continued strong sales take-up and on-track development and construction activities.
The premium residential segment contributed P1.9 billion or 26%, the commercial leasing business accounted for P0.65 billion or 9%, and the property management arm made up the remaining 4% or P0.26 billion.
CPG’s First Home brand is launching five new projects in 2024. The company introduced PHirst Sights Calauan and PHirst Park Homes Calamba West in Laguna earlier in the year.
The second development in San Pablo, Laguna, is set for the third quarter, while additional projects in Batangas and Bulacan are planned for the fourth quarter.
“These developments will span 85 hectares with over 8,000 units valued at P18.5 billion,” CPG said.
Meanwhile, CPG President and Chief Executive Officer Marco R. Antonio said the company is optimistic that it will be able to sustain or exceed its growth trajectory amid “positive domestic macroeconomic indicators and the government’s implementation of sound economic and business-friendly policies.”
“The strong demand for residential properties in both the affordable, mid-market, and healthy premium niche markets, which are now the focus of our group, continues to inspire us to deliver fresh new concepts that are relevant to our market’s needs and desires, and that will create more value for all our stakeholders,” he said.
On Wednesday, CPG shares fell by 1.49% or P0.005 to P0.33 apiece. — Revin Mikhael D. Ochave
