Century Properties Group Inc. (CPG) said it is on track to meeting its full-year financial targets, as its consolidated net income after tax (NIAT) jumped 38 percent to P1.8 billion in the first nine months of 2024 from P1.3 billion in the same period last year.
Revenues grew 11 percent to P10.8 billion, driven by robust sales in the company’s first-home residential development (PHirst) segment, which contributed 64 percent or P6.9 billion of total revenues. The premium residential developments segment accounted for 24 percent or P2.6 billion, while the commercial leasing and property management segments contributed the remaining 13 percent or P1.4 billion.
CPG also posted a 31-percent increase in EBITDA, reaching P3.4 billion in the nine-month period, up from P2.6 billion a year ago.
“We attribute Century Properties Group’s strong performance in the first nine months of the year to our expanded geographic and product footprint, which has allowed us to effectively capture the growing demand for quality, affordable homes, as well as the evolving needs of the premium residential market,” said Ponciano Carreon Jr., chief finance officer of CPG.
