8990 on track to meet P24-B sales target by 2020

OSAKA – 8990 Holdings expects to meet its P24 billion sales target ahead of schedule, according to its top official.

8990 Holdings Januario Jesus Atencio III said the company would try to hit its sales target as early as next year or three years ahead of schedule.  The sales projection is double the P12-billion sales goal for this year.

Atencio said the target could be attainable given more projects in National Capital Region.

For one, the Ortigas residential project will have 30,000 units while the Vitas residential project in Tondo will have 13,212 units. Both projects will also have a commercial component.

Combined, the two projects are estimated to hit P12 billion in total sales.

 8990 Holdings is also planning to build a mid-rise residential project in a 3.4-hectare property in Las Pinas which it acquired from SBS Philippines.

The company reported a 23 percent growth in net income last year to P4.05 billion, slightly exceeding its target.

In the fourth quarter of 2015 alone, 8990’s net income jumped 86 percent to P887 million as sales increased 67 percent to P2.59 billion.

About 85 percent of the firm’s total revenues came from DECA Homes subdivisions in Cavite, Pampanga, Iloilo, Davao and General Santos while the rest or 15 percent came from medium-rise Urban DECA Homes projects in Cebu and Muntinlupa.

 The company is eyeing a 20-percent rise in net income this year to P4.8 billion as revenues are expected to increase by 24 percent to P12 billion.

 It has projects in Angeles, Cebu, Iloilo and Davao which all contributed to growth.