Leading VisMin developer Cebu Landmasters Inc. (CLI) of the Soberano family posted a 28 percent growth in consolidated net income for the first nine months of the year to P3 billion from the P2.4 billion recorded in the same period last year.
In a media and analysts briefing, CLI said its attributable net income improved nine percent to P2.4 billion from P2.2 billion in the previous year.
Double-digit revenue growth was recorded across all of CLI’s business segments, pushing the listed firm’s gross income to rise by 18 percent to P12.93 billion from P10.96 billion.
"We are very pleased with our performance this year, achieving double-digit profit expansions in the last three quarters despite the headwinds of inflation and higher interest rates in the country,” CLI Chairman and CEO Jose R. Soberano III said.
He added that, “this underscores CLI's commitment to providing value to shareholders and affirms the sustainability of our growth trajectory.”
Across segments, CLI’s real estate unit continued to be the primary driver of the company's revenue. The sector posted a remarkable 17 percent increase, propelled by ongoing construction progress and higher units that qualify revenue recognition.
CLI's sales also rose 25 percent to reach P17 billion in the first nine months of the year. Casa Mira, CLI’s flagship economic brand, accounted for 52 percent of total sales, underscoring continued strong demand for housing in the economic market.
The company successfully launched 3,664 units valued at P14.87 billion as of end-September, contributing to an exceptional 93 percent sell-out status for all projects in various stages of development. Its other verticals also experienced notable growth.
CLI’s hotel portfolio revenue surged 78 percent during the period, fueled by both higher room rates and increased occupancy.
Its leasing business saw a 43 percent increase in revenue, driven by a 71 percent rise in occupancy rates. This was attributed to upcoming handovers in strategic locations like Davao Global Township and 38 Park Avenue, along with other prime commercial spaces nearing completion.
Throughout the year, the company spent a total of P10.4 billion in capital expenditures, mostly allocated to project development. A notable investment was the acquisition of a 21-hectare land in the city of General Santos, planned to be developed as economic and mid-market communities.
Meanwhile, Colliers International's recent real estate market study affirms CLI's continued market leadership in VisMin. As the foremost developer, the listed company holds the highest market share at 23 percent in net take-up.
“We are honored to be of service to our primary market, the VisMin region. Rest assured, we remain committed to fulfilling our promise of customer-centric development. Our achievements inspire us to continually enhance our services for all stakeholders,” Soberano said.
Looking forward, CLI has entered into a partnership with NTTUDA, a major Japanese developer known globally for commercial properties, including office buildings, residences, and mixed-use developments.
This is the listed company’s first foreign joint venture partnership and is geared towards the development of premium-grade residential towers in the heart of Cebu City.
“While we are thrilled with what has been a milestone year in which we celebrate our 20th anniversary, we look forward to reaching new heights with more developments and key partnerships on the horizon,” Soberano said.
CLI plans to launch two to three additional projects this year, including Casa Mira Homes Butuan, which is projected to generate P2 billion in sales.
Three new hotels are also scheduled to open in the next few months -- The Pad Co-Living in Banilad High Street, lyf Cebu City in Base Line Center and Citadines Bacolod City.
Additionally, an expansion project is in the works for the highly successful Calle 104, which achieved remarkable sales in a short span of time. CLI is also finalizing its first-ever site in Luzon, located in Naga City.