Property developer Cebu Landmasters Inc. (CLI) said Wednesday it booked a net income of P4.64 billion in 2023, up 29 percent year-on-year on the back of solid revenues.
CLI said in a disclosure to the stock exchange consolidated revenues grew 20 percent to P18.8 billion on strong contribution from real estate development and hotel operations and leasing businesses.
Real estate sales rose 20 percent to P18.5 billion, driven by higher collections and steady construction progress.
Reservation sales reached an all-time high of P20.6-billion, up 14 percent from 2022’s P 18 billion.
CLI launched 10 new projects with a total sales value of P 18.7 billion and offering 4,249 units in 2023.
The group’s recurring income business particularly hotel operations and leasing registered double-digit growth in sales. Hotel operations grew 66 percent to P139 million, while leasing went up by 42 percent to P112 million.
CLI has three hotels under its hospitality portfolio with the recent opening of lyf Cebu City in Base Line Center, and The Pad Co-Living in Banilad High Street in Cebu.
Seven more hotel projects are under construction which would drive future hotel revenue growth.
With the company’s consistent double-digit growth and exceptional performance, the board of CLI approved the declaration of a regular dividend of P 0.15 per share, along with a special dividend of P 0.03 per share.
These dividends will be distributed to shareholders on record as of April 17, with payments scheduled on May 3, 2024.
CLI earlier formed a joint venture partnership with Japan-based global real estate firm NTT UD Asia Pte. Ltd. (NTTUDA), a subsidiary of NTT Urban Development Corporation (NTTUD), to establish CLI NUD Ventures, Inc.
The initial project is a P6.4-billion, two-tower, Japanese-inspired residential complex in Cebu IT Park, with Tower 1 set to launch by fourth quarter of 2024.
The partnership marks NTTUD’s first venture in the Philippines, expanding its global portfolio with mixed-use, office and residential projects.