MANILA, Philippines — Century Properties Group Inc., the listed property developer of the Antonio family, grew its first quarter net income 32.2 percent to P1.48 billion.
This as the company completed several condominium projects as well as its growing horizontal affordable housing and commercial leasing businesses.
Thus, revenue grew 34 percent to P14.32 billion last year as the company completed more than 1,300 condominium units and 866 affordable house and lot units in PHirst Park Homes Tanza (Cavite) and Lipa (Batangas).
“With CPG’s new business lines affordable housing and commercial leasing taking up 44 percent of the net income, our company’s financial results for 2019 show that we have kept on track with our strategic business expansion. This is a strong testament of our continued commitment to deliver results and value to our shareholders,” said Ponciano Carreon Jr., CPG’s chief finance officer and head of investor relations.
Century Properties also completed its commercial leasing properties, including its Asian Century Center office building in Bonifacio Global City and Century City Mall in Makati.
By segment, net income contributions from residential condominium accounted for 55 percent last year, compared to the previous year’s 76 percent, while the horizontal affordable housing business posted a 25 percent contribution versus 17 percent in 2018.
The share of the leasing business grew 19 percent to five percent previously.
The balance contribution comes from the company’s property management business.
Moving forward, the company aims to grow horizontal affordable housing and commercial leasing in the medium term to achieve a healthy balance of revenue mix with its vertical developments business.
The company undertook a business expansion program in 2014 to serve unmet market demand and diversify revenue streams.
Century considers its diversification strategy as a success.
“The company is now in a much better position to sustain growth and take on emerging market opportunities and challenges, and continue improving its operational efficiencies while exercising business prudence and maintaining a healthy balance sheet,” it said.