Century Properties earns 13 percent more in nine months

MANILA, Philippines — Century Properties Group Inc. (CPG) maintained a solid financial performance in the first nine months of 2023 as it recorded a net income of P1.3 billion, a 13 percent growth from P1.1 billion in the same period in 2022.

CPG attributed the improved bottom line to higher consolidated revenues at P9.7 billion, up 10 percent from P8.7 billion in the same period last year.

The higher revenues were anchored on the steady rise in the contribution of PHirst Park Homes, CPG’s first-home segment amounting to P5.3 billion or 55 percent of total revenues, an increase of 28 percent from P4.2 billion in 2022.

CPG’s in-city vertical developments and commercial leasing segments contributed 30 percent or P2.9 billion and 10 percent or P1 billion, respectively. The remainder came from its property management segment which contributed P376 million.

“The economic recovery of the country fully supports the growing demand of Filipinos for quality and affordable first homes. This translated into a strong sales take-up for PHirst Park Homes, Inc., CPG’s entity that sells first-home products, and has put CPG on track to surpass its pre-pandemic performance despite the persisting headwinds,” said Ponciano Carreon Jr., chief finance officer at CPG.

The company’s earnings before interest, taxes, depreciation, and amortization (EBITDA) surged by 30 percent to P2.5 billion from P1.9 billion in the same period last year as a result of the higher contribution from the high-margin first-home segment and improved operating efficiencies of the other business segments. The company also posted a healthy gross profit margin of 45 percent, higher than 41 percent in 2022.

“We remain resolutely dedicated to our role in nation-building, diligently addressing the aspirations of Filipinos for high-quality, affordable, and strategically positioned homes. As we forge ahead, we will intensify our business efforts to meet the soaring demand in this sector, driven by the unmet housing backlog in our nation,” said Marco Antonio, president and CEO of CPG.

CPG previously announced its board approval to acquire Mitsubishi Corp.’s stake in PHirst Park Homes, Inc., paving the way for the company to gain full ownership. The planned acquisition has already received the green light from the Philippine Competition Commission in August.