Listed real estate developer Century Properties Group Inc. (CPG) is on track to meet its full-year financial targets, reporting a consolidated net income after tax (NIAT) of P1.8 billion for the first nine months of 2024, a 38 percent increase from P1.3 billion in the same period last year.
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 EBITDA, reaching P3.4 billion for 9 months in 2024, up from P2.6 billion in 9 months in 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. 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," Ponciano S. Carreon, Jr., chief finance officer of Century Properties Group.
"As we look ahead, Century Properties Group is committed to playing a key role in shaping the future of the real estate industry in the Philippines. By focusing on high-growth regions and adapting to the needs of the market, we are delivering more value for our stakeholders. Our initiatives prioritize innovation and strategic expansion, as we remain driven in providing quality, affordable housing in high-demand areas outside Metro Manila under the PHirst brand, as well as rolling out groundbreaking development concepts under our Premium Residential platform. 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," said Marco R. Antonio, president and CEO of Century Properties Group.
CPG's strong financial performance is supported by a solid balance sheet, with total assets of P56.86 billion and equity of P21.88 billion as of September 30, 2024.