By James A. Loyola
Century Properties Group, Inc. is planning to raise P3 billion through the public offering of unsecured fixed-rate peso denominated retail bonds.
In a disclosure to the Philippine Stock Exchange, the firm said its Board of Directors has approved the planned issuance and the filing with the Securities and Exchange Commission of a registration statement and prospectus for the retail bonds.
Century Properties posted a 23 percent hike in net income to P661 million in the first nine months of 2018 from the P539 million earned in the same period last year.
The firm said its nine-month earnings already exceeds the 2017 full year net income of P650 million.
CPG said it increased revenues by 45 percent to P7.5 billion for the first nine months of the year compared with P5.1 billion from the same period in 2017.
“The company’s thrust to diversify to other allied segments of real estate have started to change the company’s revenue profile,” CPG said.
The firm noted that its affordable housing business now contributes 10 percent of gross revenues while the aggregate contribution of leasing and property management is about 8 percent.
With the company’s robust equity at P17 billion, CPG said it is well-positioned to significantly grow the new business segments with investment properties for lease already taking up about 20 percent of the total assets and the upcoming launch of 15 affordable housing projects with 33,000 units within the next five years.
“Our numbers are very encouraging and a good indication that our company’s investments and initiatives to diversify and grow other revenue streams are starting to gain traction,” said CPG Chief Finance Officer and Head for Investor Relations Ponciano S. Carreon Jr.