Growing housing demand favors Century Properties

Growing housing demand favors Century Properties | Daily Tribune

Driven by higher takeups across its property developments, listed developer Century Properties Group Inc. (CPG) delivered double-digit earnings growth in the first half of the year.

The company said on Wednesday that consolidated net income during the period reached P1.07 billion, representing a 64 percent surge compared to the reported P66 million last year.

Notably, the bottom line figure already amounted to 58 percent of the company’s net income of P1.86 billion for the full year 2023.

Revenues improved by 6 percent to P7.16 billion in the first semester from P6.74 billion in the same period last year, while EBITDA jumped by 45 percent to P2.11 billion from P1.45 billion for the comparative period.

Positive fundamentals

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

“We will continue to tread this path as we believe in the overall strong and positive fundamentals of the industry and economy as a whole,” he added.

CPG’s First-Home Residential (PHirst) platform’s contribution increased to P4.4 billion, or 61 percent, from 52 percent the previous year, driven by robust sales, ongoing development, and construction activities.

In contrast, the company’s premium residential segment’s contribution declined to P1.9 billion, or 26 percent, from 35 percent in the same period the previous year.

The Commercial Leasing business maintained a steady contribution of P65 million, accounting for a 9 percent share, while the Property Management arm contributed the remaining 4 percent or P26 million.

According to CPG, PHirst is set to launch five new projects throughout the year.

Earlier this year, it introduced PHirst Sights Calauan and PHirst Park Homes Calamba West in Laguna.

Its 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.

Collectively, these developments will span 85 hectares with over 8,000 units valued at P18.5 billion.