Century Properties posts 26% profit hike to P175M

CENTURY Properties Group, Inc. (CPG) posted a net income of P174.75 million attributable to equity holders in the second quarter, nearly 26% higher than a year ago, after posting double-digit revenue growth.

In its financial report filed with the stock exchange on Thursday, the property developer reported gross revenues of P2.7 billion, 14.9% higher than the level a year ago.

In the first half, its attributable income reached P324.26 million, up 15.5% from P280.63 million previously. Revenues during the semester grew by 19.9% to P5.31 billion from P4.43 billion.

Its net income after tax reached P548.38 million, up nearly 20% from P457.06 million a year ago.

“We are steadfast in our commitment of being a part of nation building by serving the needs of Filipinos for quality, affordable, and strategically located homes,” said CPG Chief Finance Officer Ponciano S. Carreon, Jr. in a press release.

CPG’s affordable housing unit PHirst Park Homes, Inc. (PPHI) P2.6 billion or about 48% of total revenues. The unit is a joint venture with Mitsubishi Corp.

“We will further ramp-up this business segment as we help fill the high demand due to the big unserved backlog of this market segment,” Mr. Carreon said.

The listed company’s leasing segment contributed P521 million.

In March, CPG launched PHirst Park Homes Naic in Cavite, and in April, it offered PHirst Park Homes Balanga in Bataan.

For the rest of the year, the company said two more PHirst Park Homes projects in Central Luzon will be launched.

It said that with 12 affordable housing projects launched, the company is close to achieving its target of 15 projects by 2023.

CPG added that as of June 2022, it had completed 4,584 affordable houses, of which 3,126 had been turned over.

Shares in the company were unchanged at P0.38 on Thursday.