Century Properties Group, Inc. reported a 22 percent growth in consolidated net income to P249 million in the first quarter of 2022 due to the higher margins as a result of the growing share in revenues of its affordable housing and leasing businesses.
In a disclosure to the Philippine Stock Exchange, the firm said consolidated revenues improved 26 percent to P2.61 billion in for the first three months of 2022, from P2.08 billion in the same period last year.
CPG’s affordable arm, PHirst Park Homes, Inc., (PPHI), a joint venture with Mitsubishi Corporation, contributed P1.2 billion or 46 percent of total revenues from 22 percent in the same period last year.
The balance of revenues came from the in-city vertical and leasing segments contributing 42 percent and 8 percent, respectively.
“The strong sales take-up and on-schedule land development, house constructions, and unit turnovers of our affordable housing projects saw the revenues from this segment growing by 61 percent,” said CPG Chief Finance Officer Ponciano Carreon, Jr.
With already 10 masterplanned communities as of December 2021, another one in Naic was launched in March while four more are lined up for launch this year.
“The company’s strategy of deploying resources on segments and projects to focus on commitments to deliver to our buyers grew this quarter’s revenue while at the same time keeping our balance sheet and liquidity levels healthy,” CPG President and CEO Marco Antonio said.
He added that, “We have been continuously turning over units in our affordable housing projects as well as units in our vertical development projects.”
“We see the residential sector strong and, given the overall re-opening of the economy, even further recovering in the second half. Thus, we are going full steam ahead with our horizontal projects and managed launchings for our vertical segments in the coming months,” Antonio said.