Listed developer Century Properties Group Inc. (CPG) sustained its strong performance during the first six months of 2024 (H1 2024), reporting a consolidated net income after tax (NIAT) of P1.07 billion, 64% higher than P0.66 billion in the same period of 2023. This growth level is already 58% of the company’s full-year NIAT for 2023, which totaled P1.86 billion.
Revenues increased by 6% to P7.16 billion in H1 2024 from P6.74 billion in the same period last year, while EBITDA grew by 45% growth to P2.11 billion from P1.45 billion for the comparative period.
“The substantial growth in CPG’s EBITDA and our bottomline far outpaced the incremental increase in our topline due to the convergence of several strategic moves put in place by the company.
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 bringing in the much needed high-margin high-velocity products; leveraging activities were brought close to our targeted levels, and continued efforts to make operations more efficient.
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.” said Ponciano S. Carreon, Jr., Chief Finance Officer of CPG.
CPG’s First-Home Residential (PHirst) platform contributed P4.4 billion or 61%, up from 52% the previous year due to continued strong sales take-up and on-track development and construction activities while the company’s Premium Residential segment’s contribution of P1.9 billion or 26%, was down from 35% in the same period last year. Its Commercial Leasing business remained steady at P0.65 billion or 9% share, and its Property Management arm filled in the remaining 4% or P0.26 billion.
PHirst, CPG’s First Home brand, is launching five new projects in 2024. 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. These developments will span 85 hectares with over 8,000 units valued at Php 18.5 billion.
CPG continues to address the evolving market needs through its Premium Residential Development projects. The NULIV Townvillas at Acqua, a low-density development of 22 multi-story homes within Acqua Private Residences in Mandaluyong City, is nearing completion, with Block A set for turnover and Block B approaching topping-off.
The Hotel Residences at Acqua, featuring fully furnished, move-in ready units in the sixth tower of Acqua Private Residences, is 47% sold. Additionally, Barbados, the third condominium at the Azure North estate in San Fernando, Pampanga, which was topped off last June is substantially sold out.
“With the prevailing positive domestic macroeconomic indicators and the government’s implementation of sound economic and business-friendly policies, we are very optimistic that CPG will be able to sustain and maybe even better its growth trajectory as our strategies are calibrated to be market responsive. The strong demand for residential properties in both the affordable, mid-market, and healthy level for the premium niche market, which are now the focus of our group, continues to inspire us to deliver fresh new concepts that are relevant to our market’s needs and desires, that will create more value to all our stakeholders,” Marco R. Antonio, President and CEO of CPG, affirm
