Despite the ongoing pandemic and community quarantines, the first half of 2021 has been busy for Cebu Landmasters Inc. Among the highlights are:
* The 100-hectare Ming-Mori Reclamation Project got PRA approval
* Their 38 Park Avenue premier residential tower was topped off
* The company started construction on the Patria de Cebu, a mixed-use development in downtown Cebu
* Unveiling of the Masters Tower in Cebu, where the first five-star luxury hotel in Cebu will be housed, and it’s up for LEED Gold certification
* Unveiling of the new Abaca Resort Mactan, CLI’s first premium resort development, which is slated to open in 2024
To sweeten the pot, Franco Soberano, CLI COO, director, and SVP, along with Grant Cheng, CFO and director, hosted an online presentation dedicated to the H1 2021 Investors’ & Analysts’ Briefing. Without a doubt, it was a rosy forecast for what this publicly listed company has in store for the rest of the year.
The highlights were that CLI’s financial performance for the first half of the year can boast of a 66 percent year-on-year growth on net income, to P1.32 billion, and a 49 percent year-on-year growth on consolidated net income, to P1.36 billion. There’s also an outstanding 46 percent year-on-year growth in revenue, to P5.13 billion, with over P22 billion in unrealized revenue.
Reported was a sustained growth trend in sales take-up, an increased 14 percent year-on-year to P8.5 billion, backed by solid housing demand in the VisMin area – the area where CLI rules the roost. This is all backed by a solid balance sheet with P54 billion in total assets, due to the steady progression in the cash conversion cycle.
The plan is to continue launching projects, as they did in the first half of 2021, with six residential projects with P11 billion projected sales value, plus the recurring income projects worth P6.5 billion. As it is, CLI is poised to exceed the year-end earnings guidance of 15 to 20 percent.
Looking at the company, and what they’ve realized at this point, are two townships, eight mixed-use projects, eight hotels, six high-rise office buildings, and 59 residential projects. This would be a combination of existing developments and those still in the works, but formally launched.
For a company that, to this point, has steadfastly kept its corporate footprint in the VisMin area, that’s some track record and formula for success. We can only salute CLI for being a segment of the economy that has kept the course, and remained robust, despite these challenging times.