Century Properties Group Inc. (CPG) reported that its strong credit rating of “AA+” has been reaffirmed by Credit Rating and Investors Services Philippines Inc. (CRISP) due to its sustained market position and continued revenue growth.
In a statement, CPG said the rating agency stated that CPG’s diversified market portfolio has enabled the company to maintain its position in a competitive market.
"As of December 2023, CPG has sustained its solid and competitive presence in the vertical developments market, completing 30 condominium buildings with a total gross floor area of over 1.24 million square meters and 17,479 residential units," CRISP said.
CRISP recognized the developer’s strategic entry into the horizontal affordable housing development market which has positioned it comfortably for further expansion.
With CPG’s successful venture into PHirst Park Homes, the company has launched over 17 home communities on 123 hectares of land with over 24,583 units valued at P48.73 billion in eight provinces on Luzon, the country’s main island.
As of end-December 2023, PHirst Park Homes has launched 18,166 units valued at P33.43 billion.
CPG’s property portfolio includes 5 leasing assets with an aggregate gross leasable area of 145,026 square meters. These assets comprise Century City Mall, Centuria Medical Makati, Asian Century Center, Century Diamond Tower, and the recently opened Novotel Suites Manila at Acqua.
The firm has also established itself in the property management sector, managing 97 buildings covering 7.55 million square meters of gross floor area, including notable properties like office buildings, condominiums, major banks, medical facilities, an embassy, and a school.
In 2023, CPG’s diversified portfolio consisted of a revenue mix from vertical developments (27 percent), horizontal affordable housing (58 percent), commercial leasing (11 percent), and property management (four percent).
Meanwhile, its total real estate segments contributed a higher share of Net Income After Tax (NIAT) at 79 percent, followed by commercial leasing at 18 percent.
CRISP also highlighted CPG’s healthy financial position, stating that "CPG’s core revenues continue to grow, showing a strong recovery from the downturn.” For fiscal year 2023, CPG’s revenue grew by 14 percent to P12.7 billion.
Also cited was CPG’s strong margins for 2023 with a gross profit ratio of 47 percent and earnings before interest, depreciation, and amortization margin of 26.5 percent.