Mass housing developer 8990 Holdings Inc. registered a net income of 3.65 billion in the first six months of the year, up 5.5 percent from P3.45 billion in the same period last year.
8990 president and chief executive Anthony Vincent Sotto said in a statement Thursday gross revenues slightly increased to P10.05 billion in the first half from P10 billion year-on-year despite inflationary fears, the uncertainty from the outcome of the elections and the war in Ukraine.
Gross margin remained at 50 percent while net margin rose slightly to 36 percent from 35 percent due to effective expense management.
8990 has delivered 5,364 units to homeowners as of end-June.
The National Capital Region (NCR) accounted for the bulk of the total revenues at 54 percent, followed by North Luzon and Davao with 14 percent each. Cebu/Ormoc cornered nine percent; Iloilo/Bacolod, seven percent; and South Luzon and General Santos, one percent each.
NCR accounted 37 percent In terms of total units delivered, followed by Iloilo/Bacolod at 17 percent. Davao contributed 16 percent; North Luzon, 15 percent; Cebu/Ormoc, nine percent; General Santos, four percent; and South Luzon, two percent.
Sotto is confident the company will meet its P23-billion sales target for 2022 based on its inventory of 3,292 units with P3.6 billion in total sales value.
It plans to launch two new housing projects with P12 billion in total sales value.
8990 currently has a land bank of 767.56 hectares across the country with potential sales value of P171 billion.
“In the next seven to 10 years, we expect to unlock a total of P171 billion in revenues,” Sotto said.