To our dear shareholders, it is my great pleasure to share the exciting news of your company’s remarkable achievement. I am thrilled to announce that our 2022 revenues have surpassed pre-pandemic levels. This achievement is a testament to the unwavering dedication and determination of our entire team.
The year 2020 brought unprecedented challenges with the onset of the pandemic, impacting businesses across the globe, including our own. Despite the uncertainties and hardships, we remained steadfast in our commitment to serve our customers and support our communities. We quickly adapted to the changing landscape, embracing innovative strategies to meet the evolving needs of our buyers.
As you can see we have surpassed pre-pandemic levels. Our top line growth is at a Compounded Annual Growth Rate of 23 percent from when the pandemic hit in 2020. Our Income After Tax registered a CAGR of 29 percent in the past three years from just P4.8 billion in 2019 to almost P8 billion in 2022.
Despite cost pressures, the measures we took to balance quality and cost has allowed us to keep our Gross Margins at the 50 percent levels. Meanwhile, the company’s net margin settled at 37 percent by the end of last year, above our target of 35 percent.
The significant progress of your company demonstrates its resilience in the face of an ever changing landscape.
Gross Income increased by six percent
As revenues increased by six percent, I am pleased to announce that our net income also experienced the same growth rate of six percent. This indicates not only the effectiveness of our revenue management strategies but also the efficiency of our cost controls.
Our landbank now stands at 709.35 hectares with the addition of properties acquired in Cebu and Leyte.
We estimate our future projects will contribute approximately P155 billion in potential revenues in the next seven to eight years.
We are proud to share that our relentless focus on fast quality construction and customer satisfaction has paid off. 2022 showed that demand for affordable housing nationwide not only remains strong but 8990 continues to be the developer of choice. This is a testament to the dedication of our exceptional team and the superior quality of our properties and services.
As we move forward into 2023, I am filled with optimism and excitement about the prospects that lie ahead for your company. 2023 is also the year that 8990 turns 20 years old. This year we not only honor two decades of unwavering commitment and success, but we also reflect on the profound impact we have made in the Philippine real estate landscape. Our journey is a testament to the strength of our company and our unyielding dedication to supporting the government’s ongoing goal of providing Filipino homes.
In conclusion, I extend my heartfelt gratitude to each and every one of our shareholders for their unwavering support. Your trust and confidence in our real estate company have been integral to our success. With strong financials, a robust portfolio, and a talented team, we are prepared to seize the opportunities that await us in 2023.