The 2024 first-quarter earnings of the Antonio family-owned Century Property Group posted P410 million, up 35 percent versus its 2023 first-quarter revenue.

In a report on Thursday, the listed real estate developer said its consolidated net income after tax of P410 million is 35 percent higher than P302 million in the same period of 2023.

Earnings grew by 7 percent to P3.6 billion in Q1 2024 from P3.3 billion in Q1 2023, driven by the sustained robust contribution of CPG’s First-Home Residential Development Platform (PHirst) amounting to P2.1 billion or 58 percent of total revenues.

On the other hand, CPG’s In-City Vertical Developments and Commercial Leasing segments contributed 34 percent or P1.1 billion and 9 percent or P314 million, respectively.

Odds defied

The balance came from its property management segment which contributed 3 percent or P99 million.

“The affordable residential market’s sentiment for quality homes defied the odds of elevated interest and stubborn inflation rates as shown by our strong first quarter performance. Sales take-up of our PHirst home products remains strong and we see this further improving for the rest of the year. We are bullish on this resilient segment of the industry without losing sight of the niche market for luxury homes,” said Ponciano S. Carreon Jr., chief finance officer of CPG.