8990 upbeat on hitting P12-B revenue target

MANILA, Philippines – 8990 Holdings, the listed mass housing developer, is confident of hitting its revenue target of P12 billion this year.

“Yes, I think we can. If we can’t make it, we will not be too far behind,” said Januario Jesus Atencio, president and CEO of 8990 in a recent briefing with reporters.

The company hopes to double its revenue guidance to P24 billion next year.

“The outlook as far as the performance in 2017 is very good,” Atencio said.

“We were going to end with seven projects so it’s a watershed year because performance is skewed toward the end of the year. We will see a more equitable distribution of performance in the quarter. This year is a start up year,” he added.

Atencio said 8990 Holdings would soon be a force to reckon with in the National Capital Region condominium industry.

“Because we will now offer condominiums in NCR at low cost,” he said.

These projects include those in Ortigas, Cubao and Commonwealth.

The company posted a net income of P3.19 billion from January to September, up one percent from the P3.17 billion in the same period last year.

This year, 8990 Holdings aims to grow its net income by 20 percent to P4.8 billion on the back of a 24 percent rise in revenues to P12 billion.

Meanwhile, the company is planning to issue up to 100 million in preferred shares.

In a disclosure to the Philippine Stock Exchange (PSE) yesterday, 8990 said its Board of Directors approved the application of the company to register with the Securities and Exchange Commission under its shelf registration facility up to 100 million in preferred shares.

Of the amount, the company plans to issue and list an initial tranche of 50 million in preferred shares.

Furthermore, 8990 said it has yet to disclose the timing of the issuance.

The company said the final terms and conditions of the offering would still be subject to the approval by the Board of Directors.