Listed developer Century Properties Group Inc. (CPG) maintained its strong performance during the first half of 2024 , reporting a consolidated net income after tax (NIAT) of P1.07 billion, a 64 percent increase from P660 million in the same period of 2023.
Revenues grew by six percent to P7.16 billion in H1 2024 from P6.74 billion in the same period last year, while EBITDA increased by 45 percent to P2.11 billion from P1.45 billion in the comparable period.
According to Ponciano S. Carreon, Jr., chief finance officer of CPG, the impressive rise in EBITDA and net income significantly exceeded the gradual revenue growth. He attributed this success to several strategic initiatives by the company. CPG has balanced its focus on premium residences with addressing the demand for affordable, high-quality homes, leading to high-margin and high-velocity products. The company also brought leveraging activities close to its targets and improved operational efficiency. Carreon emphasized that CPG is committed to continuing this approach, believing in the strong fundamentals of the industry and economy.
The First-Home Residential (PHirst) platform was a major contributor, accounting for P4.4 billion or 61 percent of total revenues, up from 52 percent the previous year, due to robust sales and timely development and construction. The Premium Residential segment contributed P1.9 billion or 26 percent, down from 35 percent in the same period last year. The commercial leasing business held steady at P0.65 billion or 9 percent, while property management contributed 4 percent or P0.26 billion.
In 2024, PHirst is launching five new projects, including PHirst Sights Calauan and PHirst Park Homes Calamba West in Laguna. A new development in San Pablo, Laguna, is scheduled for the third quarter, with additional projects planned for Batangas and Bulacan in the fourth quarter. These projects will cover 85 hectares and include over 8,000 units valued at Php 18.5 billion.
CPG continues to cater to market demands with its Premium Residential Development projects. The NULIV Townvillas at Acqua, a low-density development of 22 multi-story homes within Acqua Private Residences in Mandaluyong City, is nearing completion, with Block A ready for turnover and Block B approaching topping-off. The Hotel Residences at Acqua, offering fully furnished, move-in ready units in the sixth tower, is 47 percent sold. Additionally, the Barbados condominium at Azure North in San Fernando, Pampanga, topped off last June, is nearly sold out.
Marco R. Antonio, president and chief executive officer of CPG, expressed confidence in the company’s ability to maintain or even improve its growth trajectory. He highlighted that the positive domestic economic indicators and government policies are favorable. Antonio noted that the strong demand for residential properties across affordable, mid-market, and premium segments inspires CPG to continue delivering innovative concepts that meet market needs and create value for stakeholders.
