Century Properties Group Inc. (CPG) of the Antonio family reported a 64 percent surge in consolidated net income to P1.07 billion for the first half of 2024 from P0.66 billion in the same period last year. 

In a disclosure to the Philippine Stock Exchange, the firm said this growth level is already 58 percent of the company's full-year profit for 2023, which totaled P1.86 billion.

Revenues increased by six percent to P7.16 billion in the first half of 2024 from P6.74 billion in the same period last year, while earnings before interest, taxes, depreciation, and amortization grew by 45 percent to P2.11 billion from P1.45 billion for the comparative period of 2023.

“The substantial growth in CPG’s EBITDA and our bottomline far outpaced the incremental increase in our topline due to the convergence of several strategic moves put in place by the company,” said CPG Chief Finance Officer Ponciano S. Carreon, Jr.

He noted, “Without losing sight of the premium residences that our customers and market expect from an established ‘Century Brand,’ we were bullish in favor of the robust real needs of our fellow Filipinos for affordable and quality homes bringing in the much needed high-margin high-velocity products; leveraging activities were brought close to our targeted levels, and continued efforts to make operations more efficient.”

“We will continue to tread this path as we believe in the overall strong and positive fundamentals of the industry and economy as a whole,” Carreon added.

CPG’s First-Home Residential (PHirst) platform contributed P4.4 billion or 61 percent, up from 52 percent in the previous year, due to continued strong sales take-up and on-track development and construction activities.

The company’s Premium Residential segment contributed P1.9 billion, or 26 percent, down from 35 percent in the same period last year. Its Commercial Leasing business remained steady at P0.65 billion, or a nine percent share, and its Property Management arm filled in the remaining four percent, or P0.26 billion.

PHirst, CPG’s First Home brand, is launching five new projects in 2024. Earlier this year, it introduced PHirst Sights Calauan and PHirst Park Homes Calamba West in Laguna. 

Its second development in San Pablo, Laguna, is set for the third quarter, while additional projects in Batangas, and Bulacan are planned for the fourth quarter. These developments will span 85 hectares with over 8,000 units valued at P18.5 billion.

CPG continues to address the evolving market needs through its Premium Residential Development projects. The NULIV Townvillas in Mandaluyong City is nearing completion, the Hotel Residences at Acqua is 47 percent sold, while the third condominium at the Azure North estate in San Fernando, Pampanga is substantially sold out.

“With the prevailing positive domestic macroeconomic indicators and the government's implementation of sound economic and business-friendly policies, we are very optimistic that CPG will be able to sustain and maybe even better its growth trajectory as our strategies are calibrated to be market responsive. 

“The strong demand for residential properties in both the affordable, mid-market, and healthy level for the premium niche market, which are now the focus of our group, continues to inspire us to deliver fresh new concepts that are relevant to our market’s needs and desires, that will create more value to all our stakeholders,” said CPG President and CEO Marco R. Antonio.