REAL ESTATE developer Century Properties Group, Inc. (CPG) recorded a 16% increase in first-quarter (Q1) net income to P473 million from P410 million a year earlier, driven by its first-home and premium residential segments.
Consolidated revenue grew by 4% to P3.72 billion from P3.58 billion last year, CPG said in an e-mail statement on Tuesday.
The first-home residential developments (PHirst) segment — which covers the socialized, low-income, economic, affordable, and mid-income segments — accounted for 60%, or P2.24 billion, of total revenue.
The premium residential development segment contributed 32%, or P1.18 billion, while commercial leasing and property management segments accounted for 5% (P181 million) and 3% (P130 million), respectively.
Earnings before interest, taxes, depreciation, and amortization rose by 14% to P988 million, driven by a 46% gross profit margin, sustained contributions from the PHirst segment, and lower borrowing costs.
“Our first-quarter performance reflects the successful completion of key residential projects, strong sales take-up across our developments, and continued gains in operational efficiency,” CPG President and Chief Executive Officer Marco R. Antonio said.
“We also benefitted from improved financial discipline and debt management, allowing us to reduce interest expenses and enhance profitability,” he added.
As of end-March, CPG’s total assets rose by P1.886 billion to P57.736 billion, while total liabilities stood at P35.233 billion, resulting in stockholders’ equity of P22.503 billion.
“As we scale across both affordable and premium segments, we remain committed to our mission of serving the end-user market with thoughtfully designed and sustainable communities — whether through PHirst in growth cities nationwide or through Century-branded premium residential developments outside Metro Manila, supported by our commercial leasing and property management arms,” Mr. Antonio said.
“Our strong first-quarter results demonstrate our operational agility, solid market fundamentals, and our confidence in the country’s long-term housing demand,” he added.
In February, CPG launched the second phase of its Azure North Estate in San Fernando, Pampanga. The second phase will include four mid-rise buildings, 49 town villas, and a waterpark. The first tower, called Mykonos, is scheduled for completion by 2027.
In March, CPG also unveiled the 142-hectare Century PHirst Centrale Batulao mixed-use estate in Batangas — marking the brand’s second township project after PHirst Centrale Hermosa in Bataan, which was launched in March 2022.
On Tuesday, CPG shares fell by 1.49%, or one centavo, to 66 centavos per share. — Revin Mikhael D. Ochave
