CENTURY Properties Group Inc. said profit last year reached P1.48 billion, up 32.2 percent from P1.12 billion the prior year.
Revenues hit P14.32 billion, up 34 percent from P10.70 billion in 2018, driven by the completion of more than 1,300 condominium units and 866 affordable house and lot in project PHirst Park Homes Tanza (Cavite) and Lipa (Batangas), as well as the company’s commercial leasing properties, including its Asian Century Center office building in Bonifacio Global City and Century City Mall in Makati.
“With Century Properties’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., Century Properties chief finance officer.
Century Properties said it aims to grow its 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.
“The company’s balance sheet remained strong with total assets expanding 8 percent to P53.4 billion in December 2019 from P49.4 billion a year ago. Total stockholder’s equity also increased 12 percent to P19.6 billion from P17.5 billion,” Carreon said. “With the success of our company’s diversification strategy, Century Properties 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,” Carreon added.
