The steady rise in the contribution of First-Home Residential Developments (First-Home) segment helped lift revenues of Century Properties Group Inc. (CPG) in the first nine months of the year.
CPG maintained a solid performance in the first nine months of 2023 as it recorded consolidated revenues at P9.7 billion, up 10 percent from P8.7 billion in the same period last year.
First-Home revenues amounted to P5.3 billion or 55 percent of total CPG’s revenues, an increase of 28 percent from P4.2 billion in the first nine months of 2022.
CPG’s In-City Vertical Developments and Commercial Leasing segments contributed 30 percent or P2.9 billion and 10 percent or P1 billion, respectively. The remainder came from its Property Management segment which contributed P376 million.
“The economic recovery of the country fully supports the growing demand of Filipinos for quality and affordable first homes. This translated into a strong sales take-up for our First-Home products and has put CPG on track to surpass its pre-pandemic performance despite the persisting headwinds,” said Ponciano Carreon Jr., chief finance officer of CPG.
The company’s earnings before interest, taxes, depreciation, and amortization (EBITDA) for the first nine months of 2023 surged by 30 percent to P2.5 billion from P1.9 billion in the same period last year as a result of the higher contribution from the high-margin First-Home segment and improved operating efficiencies of the other business segments.
The company also posted a healthy gross profit margin of 45 percent, higher than 41 percent in 2022.
CPG’s net income after tax for the first nine months of 2023 reached P1.3 billion, a 13 percent growth from P1.1 billion in 9M 2022.
“We remain resolutely dedicated to our role in nation-building, diligently addressing the aspirations of Filipinos for high-quality, affordable, and strategically positioned homes. As we forge ahead, we will intensify our business efforts to meet the soaring demand in this sector, driven by the unmet housing backlog in our nation,” said Marco Antonio, president and chief executive officer of CPG.
