Century Properties Group, Inc. (PSE:CPG) reported a six percent growth in net income to P1.14 billion in the first nine months of 2022 from P1.08 billion in the same period last year.

In a disclosure to the Philippine Stock Exchange, the firm said its performance is in synch with the country’s economic recovery, amid lingering geopolitical and macroeconomic concerns.

CPG’s consolidated revenues for the first nine months of 2022 grew 35 percent to P8.75 billion from P6.48 billion in the same period last year.

For the third quarter, the company registered its consolidated revenues at P3.43 billion, 71 percent higher year-on-year, and net income of P594 million, an 86 percent increase from its level a year ago.

“The acceleration of business activity as the Philippine economy reopened allowed the Company to generate higher earnings during the nine-month period,” said CPG Chief Finance Officer Ponciano S. Carreon, Jr.

He added that, “The demand for our residential projects, especially for affordable housing in key growth areas outside of Metro Manila remained strong despite rising inflation and interest rates.” PHirst Park Homes, Inc. (PPHI), CPG’s affordable housing segment under a joint venture with Mitsubishi Corporation, contributed P4.17 billion or 48 percent to total revenues.

CPG’s vertical development segment’s contribution to revenue amounted to P3.27 billion or 37 percent, while its leasing segment contributed P999 million or 11 percent. The balance of 3 percent came from its property management business.

PHirst Park Homes now forms part of an expanded mother brand named PHirst, which is set to serve different market segments of first home-buyers, including socialized housing, economic housing, affordable housing, and middle income.

“This strategy allows us to address demand coming from a demographic of the first homebuyers market that has a broad range of purchasing power,” CPG President and Chief Operating Officer Marco R. Antonio said.

Further supporting the company’s growth plans, Century Properties Group also launched Century Nuliv, the company’s new brand that caters to the premium-to-luxury real estate market.

“While we are steadfast in our pursuit of growth, we are doing so with projects that carry less risk but with faster development periods,” Antonio added.