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Manila Bulletin devider Business devider The Stock Market devider CPG earnings jump 35% in Q1

CPG earnings jump 35% in Q1

Published May 16, 2024 07:42 am

Century Properties Group Inc. (CPG) maintained its strong performance in the first quarter of 2024 with a 35 percent growth in consolidated net income to P410 million from the P302 million earned in the same period last year.

In a disclosure to the Philippine Stock Exchange, the firm said revenues grew by seven percent to P3.6 billion in the first quarter of 2024 from P3.3 billion in the same period of 2023, driven by sustained robust contribution of CPG’s First-Home Residential Development Platform (PHirst) amounting to P2.1 billion or 58 percent of total revenues. 

Its In-City Vertical Developments and Commercial Leasing segments contributed 34 percent or P1.1 billion and nine percent or P314 million, respectively. The balance came from its Property Management segment which contributed three percent or P99 million. 

cpg ponciano carreon jr.jpg
CPG Chief Finance Officer Ponciano S. Carreon, Jr. 

“The affordable residential market’s sentiment for quality homes defied the odds of elevated interest and stubborn inflation rates as shown by our strong first quarter performance,” said CPG Chief Finance Officer Ponciano S. Carreon, Jr. 

He added that, “Sales take-up of our PHirst home products remains strong and we see this further improving for the rest of the year. We are bullish on this resilient segment of the industry without losing sight of the niche market for luxury homes.”

CPG’s earnings before interest, taxes, depreciation, and amortization (EBITDA) for the first quarter of 2024 also surged by 29 percent to P865 million from P668 million in the same period of 2023.

This was mainly due to a healthy gross profit margin at 44 percent, as PHirst segment sustained its higher contribution and all business segments continued to improve operating efficiencies. 

CPG President and CEO Marco R Antonio.jpg
CPG President and CEO Marco R. Antonio

"Our firm commitment to timely deliver on our ongoing projects and the launching of several residential projects for the year puts us well on track to exceed the group’s prior year’s performance. 

“We take to heart every Filipino’s dream of owning more than just homes and cultivating communities to match their aspired lifestyle," said CPG President and CEO Marco R. Antonio.

 

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Century Properties Group Inc. marco antonio Ponciano S. Carreon Jr.
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