To finance portfolio expansions, specifically its entry into the Luzon market, Cebu Landmasters Inc., or CLI, has set aside P14.5 billion for capital spending this year, which is 12.4 percent higher than the P12.9 billion spent last year.
CLI chairman and chief executive officer Jose R. Soberano III said the higher budget allocation will help the company sustain its strong financial performance, diversified revenue streams, and strategic expansion initiatives.
“Our consistent growth fuels our vision to strengthen the company’s current offerings and expand beyond VisMin. This is also a testament to the resilience, hard work, and dedication of our team,” Soberano said at a press briefing on Wednesday.
CLI recently outlined significant new developments in the pipeline with an estimated value of P27 billion. These developments include expansion projects in various regions, including Butuan.
10 projects last year
The listed company launched 10 new projects in 2023, with a collective value of P18.7 billion and offering 4,249 units. These projects recorded a 63 percent sell-out rate with less than a year in the market.
Notably, completed projects are already 97 percent sold out, resulting in a blended total portfolio sell-out rate of 93 percent.
Last year, CLI posted a 29 percent increase in consolidated net income year-on-year, to P4.64 billion.
CLI also recorded significant growth in net income to its shareholders, up by 13 percent to P3.58 billion from last year’s P3.17 billion.