Century Properties Group hits ten-year high with 32 percent surge in net income

Century Properties Group Inc. (CPG) successfully wrapped up 2023 as it achieved a consolidated net income after tax (NIAT) of P1.86 billion, a remarkable 32 percent increase compared to P1.40 billion in 2022.

Ponciano Carreon Jr., chief finance officer of CPG, expressed his satisfaction with their operations in the previous year.

“We are very satisfied with the 2023 performance of the company as we have proven that the deliberate and prudent measures taken by the management to navigate through the challenges during the crisis period and the strategies we implemented are now materializing,” Carreon said.

“We continue to serve the high demand for affordable, quality, and strategically located first homes and focus on the continued recovery of other real estate business segments,” he added.

Revenues surged by 14 percent to reach P12.7 billion, which was attributed to CPG’s First-Home Residential Development Platform (PHirst), which amounted to P7.40 billion or 58 percent of the total revenues.

Meanwhile, In-City Vertical Developments and Commercial Leasing segments also made significant contributions, comprising 27 percent (P3.49 billion) and 11 percent (P1.35 billion) of the total revenue, respectively.

Finally, the remaining 4 percent (P463 million) was attributed to its Property Management segment.

The real estate company’s NIAT level is at a ten-year high, considering its strong pre-pandemic performance.

CPG president and chief executive officer Marco Antonio affirmed that they would focus on upcoming developments and plans that would meet the growing needs and demands of the market.

“For our In City Vertical Developments, we look forward to unveiling our upcoming projects tailored to meet the evolving needs of various market segments, including a premium low-density boutique residence in Makati City, a mid-rise residential building in Quezon City, as well as a mid-rise residential development within Azure North estate in San Fernando, Pampanga,” Antonio said.

“Under our PHirst Brand, we will be launching 5 new projects in 2024 covering 85 Has, with over 8,000 units worth P18 billion of fresh inventory. Three of these developments will be in CALABARZON, while the other two will be in Central Luzon,” Antonio said. “We are also taking proactive strategies to sustain and enhance our financial performance in the coming months.”

Century Properties continues to be one of the leading real estate companies in the Philippines, upholding its strong commitment to providing top-notch and premium residential and commercial developments.