Mass housing developer 8990 Holdings Inc. said over the weekend it expects to register double-digit sales growth this year as it remains aggressive with project launches amid the pandemic.
8990 Holdings acting president Alexander Ace Sotto said during the annual stockholders’ meeting the company launched two projects in the first six months and would unveil two new ones before the end of the year.
“By next year, we should see revenue growth normalizing to pre-pandemic growth levels,” Sotto said.
He said while there were default payments and cancellations in 2020 at the start of the pandemic, the situation significantly improved this year as home buyers realized the importance of maintaining their houses during the pandemic.
Sotto said most buyers are first-time home owners and millennials who are gainfully employed.
8990 Holdings registered a net income of P3.46 billion in the first half, up 122 percent from the same period last year.
First-half revenues also rose 104 percent to P10.1 billion from P4.91 billion a year ago.
The P10.01-billion first-half revenues were P500 million shy of its P10.5-billion sales revenue in the pre-pandemic January-September period in 2019.
Sotto said the company remained cautious as conditions were unpredictable because of the pandemic.
“By 2022, when all the vaccinations have already been done and, in fact, I’m very proud to say that our vaccinations in the company would probably be finished by September or early October, then we can finally see some semblance of normality in our sales and revenues,” 8990 Holdings deputy chief executive Anthony Vincent Sotto said.
The company earmarked P8 billion in capital expenditures this year primarily for project completion and land banking. The company has 670.91 hectares in its land bank with potential sales of P201 billion.
Most of these properties are in the Visayas even as the company looks for additional properties in Luzon.