Century Properties Nets ₱1.8 Billion For First 9 Months

Listed real estate developer Century Properties Group Inc. (CPG) reported a consolidated net income after tax (NIAT) of ₱1.8 billion for the first nine months of 2024, a 38% increase from ₱1.3 billion during the same period last year.

The revenues for the period were driven by robust sales in the company’s First-Home Residential Development (PHirst) segment. I Photo: Century Properties Linkedin

The company is on track to meet its full-year financial targets.

Revenues for the period grew by 11% to ₱10.8 billion, driven by robust sales in the company’s First-Home Residential Development (PHirst) segment. This segment contributed 64% or ₱6.9 billion to total revenues.

The Premium Residential Developments segment accounted for 24% or ₱2.6 billion, while the Commercial Leasing and Property Management segments made up the remaining 13% or ₱1.4 billion.

CPG also recorded a 31% increase in EBITDA, which reached ₱3.4 billion for the first nine months of 2024, up from ₱2.6 billion in the same period in 2023.

This growth was attributed to a higher gross profit margin of 47%, compared to 45% last year, bolstered by the sustained revenue contributions from its high-margin PHirst platform, enhanced operational efficiencies, cost optimization, and higher interest income from fixed-income securities.

"We attribute Century Properties Group's strong performance in the first nine months of the year to our expanded geographic and product footprint, allowing us to effectively capture the growing demand for quality, affordable homes, as well as the evolving needs of the premium residential market," said Ponciano S. Carreon, Jr., Chief Finance Officer of Century Properties Group.

"With the rapid and transformative infrastructure developments underway across the country, particularly in Luzon and the Visayas, we remain focused on expanding our presence in key cities and municipalities outside the National Capital Region (NCR). We are committed to sustaining growth organically and through strategic acquisitions and consolidations, as we have consistently done in the past," he added.

Marco R. Antonio, President and CEO of Century Properties Group, expressed optimism about the company’s trajectory: "As we look ahead, Century Properties Group is committed to playing a key role in shaping the future of the real estate industry in the Philippines. By focusing on high-growth regions and adapting to market needs, we are delivering more value for our stakeholders."

"Our initiatives prioritize innovation and strategic expansion. We remain steadfast in providing quality, affordable housing in high-demand areas outside Metro Manila under the PHirst brand, while rolling out groundbreaking development concepts under our Premium Residential platform," he added.

"With a strong nine-month performance and an expanded project pipeline, we are confident that we can sustain our growth trajectory and continue delivering value to our shareholders,” concluded Rubio.

CPG’s solid financial performance is supported by a robust balance sheet, with total assets of ₱56.86 billion and equity of ₱21.88 billion as of September 30, 2024.