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8990 sees revenues hitting P20 billion in two years

Mass housing developer 8990 Holdings Inc. expects revenues to reach P20 billion by 2020 as the company with the launching of more projects in the next two years.

8990 Holdings investor relations officer Patricia Ilagan said in a press briefing the projects to be launched in Luzon would contribute 79 percent to the projected P20-billion revenues by 2020.

The company said it should expand revenues by an average of 25 percent to 30 percent over the next two years to achieve the P20-billion sales target.

The company expects revenues to hits P11.5 billion in 2018, P13 billion in 2019 and P20 billion by 2020.

“The ramp will really be in 2020 because of the Ortigas project,” Ilagan said.

The 13-hectare Ortigas project will house 22 residential buildings offering 19,000 units.

The project is expected to attract buyers who currently live, rent or work in areas such as Pasig City, the Ortigas Central Business District, Libis, Antipolo and Taytay, Rizal.

Meanwhile, 8990 Holdings said net income in the first nine months of the year reached a record P3.4 billion, up 38 percent year-on-year.

Nine-month revenues jumped 41 percent to P8.63 billion from P6.12 billion in the same period last year on increased sales and housing production. 

The company delivered 6,722 units in the nine-month period, up 52 percent from 4,431 units on year.

The interest income from CTS (contract-to-sell) receivables declined 16 percent to P920 million after the company sold its receivables to several financial institutions. The company’s total CTS portfolio currently stands at P18.2 billion.

The company as of end September has nearly 540 hectares in land bank with potential sales of P154 billion.

Its recent land acquisition is an eight-hectare property in Siquor Island, which the company plans to develop into a resort facility.

The company said housing demand remained strong and was being bolstered by strong interest from Philippine online gaming operators.

The gaming firms, which operate online casinos, have expressed strong interest in buying several units in the company’s residential project in Tondo.

Topics: 8990 Holdings Inc. , Patricia Ilagan , net income , Ortigas Central Business District
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