CPG income up 20 percent in H1

MANILA, Philippines — Century Properties Group (CPG), a real estate development firm owned by the Antonio family, reported a net income of P656 million in the first half, up 20 percent from the same period last year.

The company registered revenues of P6.7 billion, 27 percent higher than the previous year.

Growth was driven by the strong contribution of CPG’s First-Home Residential Brand (PHirst), which amounted to P3.5 billion or 52 percent of CPG’s consolidated revenues. This was also higher than its 48 percent share amounting to P2.6 billion a year ago. The balance came from in-city vertical developments, commercial leasing and property management segments which contributed P2.4 billion, P670 million and P217 million, respectively.

CPG president and CEO Marco Antonio said demand for quality and strategically located first homes have proven to be resilient and even stronger and CPG was well-prepared to serve this market with its First-Home Brand.

“We are aiming to maintain this growth trajectory as we launch new projects,” he said.

In 2022, PHirst broadened its offerings as it entered new market segments under new product brands: PHirst Sights Bay for socialized and economic segments, PHirst Editions Batulao catering to the mid-income market, and PHirst Centrale Hermosa – a mixed-use township encompassing residential (Impressions), commercial (Fairgrounds), and retail (Boroughs) establishments.

This expansion also widened PHirst’s price point offerings, ranging from P580,000 to P8 million.

In the first quarter of 2023, PHirst unveiled its maiden development in the province of Nueva Ecija via PHirst Park Homes Gapan.

This was followed in the second quarter by the opening of PHirst Impressions Batulao in Nasugbu, Batangas.

The company plans to add two projects in the second half of 2023, which include PHirst’s pilot venture in the Visayas Region.

These projects will bring PHirst’s portfolio to 20 active developments.

CPG’s total EBITDA increased by 26 percent to P1.5 billion in the first half, due largely to high-margin projects and improved operating efficiencies.

Ponciano Carreon, Jr., CPG’s treasurer and CFO, said this puts the company in a strong position to pursue opportunities in this growing and robust segment of the industry through organic growth, acquisitions or consolidation.