8990 Holdings, Inc. aims to generate P23 billion in gross revenues this year, a 15% growth target after seeing robust demand in recent years.
In a statement on Wednesday, the company said its growth target can be supported by its robust land bank of 729.05 hectares in “strategic areas” across the country.
8990 President and Chief Executive Officer Anthony Vincent S. Sotto said the company saw a “strong demand for affordable housing” in 2021, logging P20 billion in unaudited gross revenues. The past year also showed its buyers’ optimism in the economy and confidence “in the stability of their future revenue streams.”
In terms of sales, majority or 59% are attributed to its horizontal developments and 41% are from vertical projects. The company said it delivered 11,564 homes in 2021, 55% of the units are from mass housing or horizontal projects and 45% from vertical projects.
8990 Holdings’ P20-billion topline in 2021 already beat its pre-pandemic 2019 revenues, rising 30% from P15.4 billion. It is also 41% higher compared with its audited 2020 revenues of P14.2 billion.
The company also noted that when super Typhoon Odette hit the Visayas region last year, only 10% of its built structures were affected.
“At 8990, we are proud of our team’s fast response to the super typhoon, to continuously implement measures that will protect our clients’ biggest life investment — their home,” Mr. Sotto said.
The company believes that its target market of first-time homebuyers is “well on the way to recovery.” 8990 Holdings aims to log P23 billion in gross revenues this year, to complement its sales target of logging P164 billion within the next seven to eight years.
Shares of 8990 Holdings on Wednesday declined 1.09% or 12 centavos to close at P10.92 each. — Keren Concepcion G. Valmonte
