Century Properties Group Inc. (CPG) maintained a solid performance in the first nine months of 2023 as it recorded consolidated revenues at P9.7 billion, up 10 percent from P8.7 billion in the same period last year.
The higher revenues in the first nine months were anchored on the steady rise in the contribution of PHirst Park Homes, CPG’s first-home segment amounting to P5.3 billion or 55 percent of total revenues, an increase of 28 percent from P4.2 billion a year ago.
CPG’s in-city vertical developments and commercial leasing segments contributed 30 percent or P2.9 billion and 10 percent or P1 billion, respectively. The rest came from its property management segment which contributed P376 million.
“The economic recovery of the country and growing demand of Filipinos for quality and affordable first homes translated into a strong sales take-up for PHirst, CPG’s first-home platform and has put CPG on track to surpass its pre-pandemic performance despite the persisting headwinds,” said CPG chief finance officer Ponciano Carreon Jr..
Earnings before interest, taxes, depreciation and amortization (EBITDA) in the nine-month period surged 30 percent to P2.5 billion from P1.9 billion in the same period last year as a result of the higher contribution from the high-margin first-home segment and improved operating efficiencies of the other business segments.
The company also posted a healthy gross profit margin for the period of 45 percent, higher than 41 percent in the nine-month period in 2022.
CPG’s net income after tax reached P1.3 billion, a 13-percent growth from P1.1 billion in 2022.
CPG previously announced its board approval to acquire Mitsubishi Corp.’s stake in PHirst Park Homes Inc., paving the way for the company to gain full ownership. The planned acquisition received the green light from the Philippine Competition Commission in August.
