Listed real estate developer Century Properties Group Inc. (CPG) continues its impressive performance in the first half of 2024, achieving a consolidated net income after tax (NIAT) of P1.07 billion. This marks a 64% increase compared to P0.66 billion in the same period in 2023 and already represents 58% of the company’s full-year NIAT of P1.86 billion in 2023.
CPG’s revenues rose by 6% to P7.16 billion in H1 2024, up from P6.74 billion in the previous year. Notably, the company’s EBITDA saw a substantial 45% growth, reaching 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,” said Ponciano S. Carreon, Jr., Chief Finance Officer of CPG. “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.”
The company’s First-Home Residential platform, PHirst, contributed P4.4 billion or 61% of total revenue, up from 52% in the previous year. This growth was driven by strong sales and consistent development and construction activities. Meanwhile, the Premium Residential segment contributed P1.9 billion or 26%, down from 35% in the same period last year. The Commercial Leasing business remained steady, contributing P0.65 billion or 9%, while the Property Management arm accounted for the remaining 4% or P0.26 billion.
In 2024, PHirst, CPG’s First-Home brand, is set to launch five new projects. Earlier this year, it introduced PHirst Sights Calauan and PHirst Park Homes Calamba West in Laguna. The company plans to launch a second development in San Pablo, Laguna, in the third quarter, with additional projects in Batangas and Bulacan slated for the fourth quarter. These developments will cover 85 hectares and will offer over 8,000 units valued at Php 18.5 billion.
CPG continues to cater to evolving market needs with its Premium Residential Development projects. The NULIV Townvillas at Acqua, a low-density development of 22 multi-story homes within Acqua Private Residences in Mandaluyong City, is nearing completion, with Block A ready for turnover and Block B approaching topping-off. The Hotel Residences at Acqua, featuring fully furnished, move-in-ready units in the sixth tower of Acqua Private Residences, is already 47% sold. Additionally, Barbados, the third condominium at the Azure North estate in San Fernando, Pampanga, topped off last June, is nearly sold out.
“With the prevailing positive domestic macroeconomic indicators and the government’s implementation of sound economic and business-friendly policies, we are very optimistic that CPG will be able to sustain and maybe even better its growth trajectory as our strategies are calibrated to be market responsive. The strong demand for residential properties in both the affordable, mid-market, and healthy level for the premium niche market, which are now the focus of our group, continues to inspire us to deliver fresh new concepts that are relevant to our market’s needs and desires, that will create more value to all our stakeholders,” Marco R. Antonio, President and CEO of CPG, affirmed.
