Century Properties Group, Inc. (PSE: CPG) delivered an impressive performance in 2024, posting a 31% year-on-year jump in net income after tax (NIAT) to P2.44 billion from P1.86 billion in 2023. Revenues rose 15% to P14.64 billion, fueled by a booming first-home market and continued momentum in the company’s premium residential business segment.
This banner year reinforces CPG’s successful pivot to address the surging demand for affordable housing across the country. Revenues from the first-home segment surged to P9.9 billion, up from P7.4 billion the previous year. The company’s higher-end offerings contributed P3 billion, while its leasing and property management arms added P1.31 billion and P464 million, respectively.
“We are very pleased with our 2024 performance, which reflects our commitment to operational excellence, successful project completions, and effective debt management,” said Marco R. Antonio, President and CEO of CPG. “Our focus on delivering affordable, quality homes continues to meet the strong demand across various market segments. The year also saw CPG aggressively expanding its geographical reach with the launch of multiple projects in North and South Luzon across both the first-home and premium markets. Additionally, we ventured into the Visayas, bringing our promise of quality, affordable homes to more Filipino families.”
Antonio noted the synergy between government infrastructure investments and CPG’s regional growth strategy. “The government’s Infrastructure Flagship Projects—especially those boosting nationwide connectivity—will quickly drive progress and, consequently, increase the demand for quality homes across the country. We are committed to capitalizing on these emerging opportunities and fulfilling the aspirations of homeowners with our Century-branded developments,” he added.
Backing this performance is a strong financial position. The company’s total assets grew 3% to P55.9 billion while interest-bearing debt was trimmed by 16%, a move that significantly boosted returns. CPG’s 2024 results delivered a maiden double-digit return on equity (ROE) for common shareholders—marking a critical milestone in its financial trajectory.
“The confluence of the management’s prudent balance sheet handling, operating efficiency initiatives, and sensitivity to market needs allowed Century to achieve strong financial results in 2024,” said Ponciano S. Carreon, Jr., CPG’s Chief Financial Officer. “Our healthy financial position and key indicators will enable us to continue on our planned trajectory, with more than enough cushion to navigate persistent industry headwinds and increase value for our shareholders over time.”
Carreon also pointed to the favorable macroeconomic outlook as a tailwind for CPG’s future ambitions. “Our positive outlook on current and expected domestic policies, along with the stable economic landscape, gives us high confidence in CPG’s expansion through organic growth, strategic acquisitions, and partnerships.”
A glimpse ahead: Growth engine in motion With 2024 results setting a new benchmark, CPG is sharpening its focus on scale and reach through a twin-engine strategy. By blending affordability with aspirational living in underserved growth corridors, the company is not just building homes—but building lives and uplifting communities. This strategy combines the strong performance of CPG’s first-home segment with the synergy of its premium residential segment, driving overall growth. With disciplined financial management and a bold geographic strategy, CPG is well-positioned to ride the next wave of real estate growth in the Philippines.
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