Century Properties surpasses 2017 profit

MANILA, Philippines — Century Properties Group, the listed property company of the Antonio family, said its steady shift to the affordable housing segment, tourism and investment properties is paying off and has allowed the company to already surpass its 2017 net income.

In the nine months to September, CPG reported a net income of P661 million, up 23 percent compared to the P539 million posted a year ago.

This is already above the 2017 full year net income of P650 million.

Revenues grew 45 percent to P7.5 billion during the period as the company continues to make significant headway in its expansion and diversification plans.

Over the past years, CPG has initiated a diversification program to other segments of real estate from just upscale projects.

The company’s thrust to diversify to other allied segments of real estate has started to change the company’s revenue profile with its affordable housing business now contributing 10 percent of CPG’s gross revenues.

The aggregate contribution of leasing and property management is about eight percent.

Moving forward, CPG said it is well positioned to significantly grow the new business segments.

To date, investment properties for lease already take up about 20 percent of the total assets.

It will launch 15 affordable housing projects with 33,000 units within the next five years. The latter projects are under PHirst Park Homes, CPG’s new brand for first-home buyers in partnership with the global business enterprise and one of Japan’s largest conglomerates, Mitsubishi Corp.

CPG’s chief finance officer and head for investor relations  Ponciano Carreon Jr. said the numbers are very encouraging and are a good indication that the company’s move to diversify and grow other revenue streams are starting to gain traction.

“We expect a higher growth in the fourth quarter as we continue to recognize revenue from the substantial completion of our in-city developments and affordable housing projects. A steady shift to our allied segments of affordable housing, leisure and tourism, and investment properties, in addition to the core real estate sales and income from property management, will continue to support CPG’s solid earnings recovery,”  he said.

Since becoming a publicly listed company in 2012, CPG has completed 23 out of its planned 32 residential condominium buildings with a gross floor area of 1 million square meters. All buildings will be significantly completed by 2020.