Century Properties Group Inc.’s (CPG) net income grew 31 percent in 2024 to P2.45 billion from P1.86 billion in 2023, as revenues posted double-digit growth.
Revenues increased 15 percent to P14.64 billion, led by strong demand in the first-home market and continued growth in the residential segment, CPG said in a disclosure to the stock exchange Thursday.
Revenues from the affordable housing segment went up 33.7 percent to P9.9 billion from P7.4 billion the previous year. Premium offerings contributed P3 billion, with leasing and property management operations adding P1.31 billion and P464 million, respectively.
“We are very pleased with our 2024 performance, which reflects our commitment to operational excellence, successful project completions, and effective debt management,” said Marco Antonio, CPG president and chief executive.
“Our focus on delivering affordable, quality homes continues to meet the strong demand across various market segments. The year also saw CPG aggressively expanding its geographical reach with the launch of multiple projects in North and South Luzon across both the first-home and premium markets. Additionally, we ventured into the Visayas, bringing our promise of quality, affordable homes to more Filipino families,” said Antonio.
He said the company’s expansion towards provincial areas is aligned with government infrastructure investments and the company’s regional growth strategy.
“The government’s Infrastructure Flagship Projects—especially those boosting nationwide connectivity—will quickly drive progress and, consequently, increase the demand for quality homes across the country. We are committed to capitalizing on these emerging opportunities and fulfilling the aspirations of homeowners with our Century-branded developments,” he said.
Aside from strong sales, the 16-percent reduction in interest-bearing debt also boosted the group’s profitability and resulted double-digit return growth on equity (ROE) for common shareholders.
“The confluence of the management’s prudent balance sheet handling, operating efficiency initiatives, and sensitivity to market needs allowed Century to achieve strong financial results in 2024,” said CPG chief finance officer Ponciano Carreon Jr.
“Our healthy financial position and key indicators will enable us to continue on our planned trajectory, with more than enough cushion to navigate persistent industry headwinds and increase value for our shareholders over time,” said Carreon.