Century Properties Group Inc. (CPG) reported a 38 percent jump in consolidated net income to P1.8 billion in the first nine months of 2024 from P1.3 billion in the same period last year, putting it on track to meet its full-year financial targets.

In a disclosure to the Philippine Stock Exchange, the firm said revenues for the period grew 11 percent to P10.8 billion, driven by robust sales in the company’s First-Home Residential Development (PHirst) segment, which contributed 64 percent or P6.9 billion of total revenues.

The Premium Residential Developments segment accounted for 24 percent or P2.6 billion, while the Commercial Leasing and Property Management segments contributed the remaining 13 percent or P1.4 billion.

CPG also posted a 31 percent increase in earnings before interest, taxes, depreciation, and amortization (EBITDA), reaching P3.4 billion for the first three quarters of 2024, up from P2.6 billion in the same period of 2023.

This growth is attributed to a higher gross profit margin of 47 percent from 45 percent a year ago, because of the sustained revenue contribution of its high-margin PHirst platform, combined with enhanced operational efficiencies, cost optimization, and higher interest income from placements in fixed income securities.

“We attribute Century Properties Group's strong performance in the first nine months of the year to our expanded geographic and product footprint, which has allowed us to effectively capture the growing demand for quality, affordable homes, as well as the evolving needs of the premium residential market,” said CPG Chief Finance Officer Ponciano S. Carreon, Jr.

He added that, “With the rapid and transformative infrastructure developments underway across the country, particularly in Luzon and the Visayas, we remain focused on expanding our presence in key cities and municipalities outside the National Capital Region (NCR).

“We are committed to sustaining our growth, both organically and through strategic acquisitions and consolidations, as we have consistently done in the past.

Marco R. Antonio, President and CEO of Century Properties Group, said that, “With a strong nine months performance and expanded range of project pipeline to maintain the growth trajectory, Century Properties Group is very confident that it will deliver the same level of value it has started to distribute to its shareholders.”