LISTED property developer Century Properties Group, Inc. (CPG) recorded a 32% increase in its consolidated net income to P1.86 billion in 2023 from P1.4 billion the previous year.
The company’s 2023 net income is a ten-year high and exceeded pre-pandemic levels, CPG said in an e-mailed statement on Monday.
Revenues climbed by 14% to P12.7 billion, with the first-home residential development platform (PHirst) brand accounting for 58% or P7.4 billion of the total.
The company’s in-city vertical developments took up 27% or P3.49 billion of the total revenue, while the commercial leasing segment shared 11% or P1.35 billion.
The remaining 4% or P463 million came from CPG’s property management segment.
Earnings before interest, taxes, depreciation, and amortization also increased by 36% to P3.37 billion from P2.48 billion in 2022.
“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,” CPG Chief Finance Officer Ponciano S. Carreon, Jr. said.
Meanwhile, CPG President and Chief Executive Officer Marco R. Antonio said the company will launch five new projects this year under the PHirst brand. The projects cover 85 hectares and have over 8,000 units worth P18 billion.
“Three of these developments will be in Calabarzon, while the other two will be in Central Luzon. We are also taking proactive strategies to sustain and enhance our financial performance in the coming months,” Mr. Antonio said.
Mr. Antonio said the company is also eyeing to unveil projects under its 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,” he said.
On Monday, CPG shares rose by 3.70% or one centavo to 28 centavos each. — Revin Mikhael D. Ochave