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Manila Bulletin devider Business devider CPG boosts profits by 20% in 1st semester

CPG boosts profits by 20% in 1st semester

Published Aug 14, 2022 07:00 pm

Century Properties Group, Inc. posted a 20 percent growth in net income for the first six months of the year to P549 million from the P457 million in the same period last year.

In a disclosure to the Philippine Stock Exchange, the firm said its consolidated revenues for the first half of 2022 reached P5.3 billion, up also by 20 percent from P4.4 billion in the same period last year.

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PHirst Park Homes, Inc. (PPHI), CPG’s affordable housing unit under a joint venture with Mitsubishi Corporation, contributed P2.6 billion or 48 percent to total revenues.

Its leasing segment’s contribution to revenues remained stable, amounting to P521 million.

“We are steadfast in our commitment of being a part of nation building by serving the needs of Filipinos for quality, affordable, and strategically located homes,” said CPG Chief Finance Officer Ponciano S. Carreon, Jr.

He added that, “We will further ramp-up this business segment as we help fill the high demand due to the big unserved backlog of this market segment.”

The Company launched PHirst Park Homes Naic in Cavite in March 2022 and PHirst Park Homes Balanga, in Bataan in April 2022. Two more additional PPHI projects in Central Luzon will be launched within the year.

With 12 affordable housing projects already launched, CPG said it is fast approaching its target of launching a total of 15 projects by 2023.

As of June 2022, CPG has already completed 4,584 affordable houses, 3,126 of which have already been turned over.

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