Developer 8990 Holdings Inc. said it closed 2024 with an attributable profit of P5.43 billion, down 21.17 percent from the P6.88 billion it posted the prior year.
Revenues dropped 16 percent to P19.04 billion compared to the prior year’s P22.66 billion.
The company generated revenues from its low-cost mass housing units and subdivision lots, medium-rise building housing units, rental services and other incidental income relating to its real estate operations.
8990 has four strategic business units — low-cost mass housing under its DECA Homes brand, medium-rise condominiums under the Urban DECA Homes brand, high-rise condominiums under the Urban DECA Towers brand, and developed subdivision lots, hotel operations and lease of properties.
As a developer of low-cost housing with mass housing units, 8990’s price points for such products do not exceed P1.9 million for lots only development and P2.2 million for residential house and lots or other residential dwellings.
The company said it has grown its footprint significantly since 2007, delivering more than 100,000 units across completed and ongoing projects, with more than 300,000 residents and approximately 90 percent occupancy rate as of end-2024.
8990 said it has transferred P16.5 billion-worth of receivables to the National Home Mortgages Finance Corp. as of last year.
