Century Properties Group Inc. (CPG) sustained its strong performance during the first six months of 2024, reporting a consolidated net income after tax (NIAT) of P1.07 billion, 64 percent higher than P0.66 billion in the same period of 2023.
This growth level is already 58 percent of the company’s full-year NIAT for 2023, which totaled P1.86 billion.
Revenues increased by 6 percent to P7.16 billion in the first half from P6.74 billion in the same period last year, while EBITDA grew by 45 percent growth to P2.11 billion from P1.45 billion for the comparative period.
“The substantial growth in CPG’s EBITDA and our bottomline far outpaced the incremental increase in our topline due to the convergence of several strategic moves put in place by the company. Without losing sight of the premium residences that our customers and market expect from an established “Century Brand,” we were bullish in favor of the robust real needs of our fellow Filipinos for affordable and quality homes bringing in the much needed high-margin high-velocity products; leveraging activities were brought close to our targeted levels, and continued efforts to make operations more efficient. We will continue to tread this path as we believe in the overall strong and positive fundamentals of the industry and economy as a whole.” said Ponciano Carreon, Jr., chief finance officer of CPG.
CPG’s First-Home Residential (PHirst) platform contributed P4.4 billion or 61 percent, up from 52 percent the previous year due to continued strong sales take-up and on-track development and construction activities while the company’s Premium Residential segment’s contribution of P1.9 billion or 26 percent, was down from 35 percent in the same period last year. Its Commercial Leasing business remained steady at P0.65 billion or 9 percent share, and its Property Management arm filled in the remaining 4 percent or P0.26 billion.
