8990 Holdings Inc. posted record revenues of P20 billion in 2021.
The company said it is looking at a P23-billion topline for the year.
The Davao-based developer said the 2021 figure is a 41- percent increase from 2020’s P14.2 billion.
“These results reflect the strong demand for affordable housing, the optimism of our buyers in the economy and their confidence in the stability of their future revenue streams,” said Anthony Vincent Sotto, 8990 president.
Sotto said 8990 “has defied all odds” given the current economic condition with restricted people movement that also cripples economic activity.
Sotto said 8990 also exceeded its pre-pandemic revenues of P15.4 billion, up 30 percent – suggesting 8990’s key market of mainly first-time homebuyers is well on the way to recovery.
“For the full year, 8990 delivered 11,564 more homes to Filipino buyers. In terms of actual values the company registered a 41 percent-59 percent split between their vertical (condominium) and horizontal developments,” Sotto said.
“Based on these strong 2021 results, 8990 is targeting to hit another milestone: P23 Billion in gross revenues for the current fiscal year – 2022. The sales target represents a double-digit 15-percent increase over the unaudited gross revenues of P20 billion this past fiscal year,” Sotto also said.
Sotto said the company’s landbank of 729.05 hectares in various places in the country “is more than capable of delivering the projected revenue growth for the year, and that it will bolster the company’s ultimate goal to register P164 billion in sales for the next seven to eight years.”
8990 did not release bottomline figures. – Ruelle Castro
