Century Properties Group’s net income soars

Real estate developer Century Properties Group Inc. continues to record a strong performance in Q1 2024, accounting to a consolidated net income after tax (NIAT) of P410 million, a 35-percent higher rate than P302 million in the Q1 2023.

“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,” Ponciano Carreon, Jr., CPG chief finance officer, said.

In its website, CPG reports that its revenues grew by seven percent to P3.6 billion in Q1 2024 from P3.3 billion in Q1 2023. This can be attributed to the robust contribution of its first-home residential development platform PHirst, amounting to P2.1 billion or 58 percent of total revenues.

Meanwhile, its In-City Vertical Developments and Commercial Leasing segments contributed 34 percent or P1.1 billion and nine percent or P314 million, respectively. The balance came from its Property Management segment which contributed three percent or P99 million, CPG added.

CPG’s earnings before interest, taxes, depreciation and amortization (EBITDA) for Q1 2024 also surged by 29 percent to P865 million from P668 million in Q1 2023. This is mainly due to the healthy gross profit margin at 44 percent by PHirst whose segment sustained higher contribution and all business segments continued to improve operating efficiencies.

As of March 2024, CPG’s balance sheet remained steady with total assets of P54.2 billion, total liabilities of P33.1 billion and total equity of P21.1 billion. The full redemption of its P3 billion fixed-rate retail bonds on 1 March resulted in a decrease in its total liabilities while the issuance of the P2-billion preferred shares on 22 March brought an increase in its total equity.

“Our firm commitment to timely deliver on our ongoing projects and the launching of several residential projects for the year puts us well on track to exceed the group’s prior year’s performance. We take to heart every Filipino’s dream of owning more than just homes and cultivating communities to match their aspired lifestyle,” Marco Antonio, CPG president and chief executive officer, said.

Venturing into hospitality management

CPG, in partnership with Accor, has ventured into the hospitality management with the launch of Novotel Suites Manila Acqua.

Nestled in Metro Manila’s major business district center in an area bordering Makati on Coronado Street in Mandaluyong City, Novotel Suites Manila at Acqua features 152 rooms and suites. All come with spacious working, living, and dining areas, as well as a kitchen equipped with a microwave, Nespresso machine, induction cooker, cooking equipment and cutlery.

Jutting out of the tower on the sixth floor is the spectacular infinity swimming pool. Tempus, an all-day dining restaurant, is located on the same floor. On the 21st floor is the Lobby Lounge where guests get to enjoy a panoramic view of the city. Also located on the same level are two meeting rooms that can accommodate up to 30 guests each. Fitness enthusiasts can further enjoy InBalance Fitness Centre with free weights and modern cardio machines.