Mass housing developer 8990 Holdings Inc. said Tuesday first-half net income more than doubled to P3.36 billion from P1.48 billion in the same period last year on the back of higher revenues.
8990 Holdings said in a disclosure to the stock exchange first-half revenues jumped 104 percent to P10.01 billion from P4.91 billion in the same period last year.
8990 Holdings chairman Mariano Martinez Jr. said significant improvement in the company’s first half performance was not only due to the low-base effect from last year but also to renewed confidence on the economy on continued roll-out of the vaccination program by both the government and the private sector.
Martinez said the six-month financial performance was already close to its pre-pandemic level when net income hit P5.86 billion and revenues amounted to P15.4 billion in 2019.
The company’s 10.01-billion revenue in the first six months was only P500 million shy of its P10.5-billion total sales revenue in the pre-pandemic January-to-September period in 2019.
Bulk of the sales in the first half came from Luzon with P6.74 billion, followed by the Visayas with P1.47 billion and Mindanao with P1.27 billion.
The company said that in terms of total units sold over the first half, Luzon accounted for 56 percent or 3,318 units, Visayas for 27 percent or 1,606 units and Mindanao for 16 percent or 965 units.
8990 said while gross margin in the first six months declined from 54.6 percent to 49.5 percent, net income margin improved to 34.5 percent from 30.2 percent.
Martinez said despite the lingering effects on the pandemic, the company was poised to sustain its positive performance for the remainder of the current fiscal year.
The company earlier announced plans to launch in the second half a new residential condominium project in Cubao with estimated sales of P10.4 billion
The share price of 8990 Holdings rose 0.55 percent Tuesday to close at P7.28.