Century Properties Group Inc. (CPG) said Thursday its net income grew 35 percent in the first quarter of 2024 to P410 million from P302 million in the same period in 2023 on higher sales from its affordable housing unit and leasing business.
CPG said in a stock exchange filing its first-quarter revenues rose 7 percent to P3.6 billion from P3.3 billion a year ago, driven by the sustained robust contribution of CPG’s First-Home Residential Development Platform (PHirst).
PHirst accounted for P2.1 billion or 58 percent of total revenues, while its vertical developments and commercial leasing segments contributed 34 percent or P1.1 billion and 9 percent or P314 million, respectively.
The balance came from its property management segment, which contributed 3 percent or P99 million.
“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. Sales take-up of our PHirst home products remains strong and we see this further improving for the rest of the year,” CPG chief finance officer Ponciano Carreon Jr. said.
“We are bullish on this resilient segment of the industry without losing sight of the niche market for luxury homes,” he said.
CPG’s earnings before interest, taxes, depreciation and amortization (EBITDA) surged 29 percent year-on-year to P865 million on a healthy gross profit margin of 44 percent, as the PHirst segment sustained its higher contribution and all business segments continued to improve operating efficiencies.
CPG fully redeemed its P3-billion fixed-rate retail bonds in March 2024, which resulted in a decrease in its total liabilities. It also issued P2 billion worth of preferred shares during the month.
CPG’s PHirst brand will launch five new projects with total sales value of P18 billion this year. These projects, covering 85 hectares, will offer more than 8,000 units.
Three of these developments will be in CALABARZON, while the other two will be in Central Luzon.
“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 chief executive Marco Antonio.
