Century Properties earnings grow 32% to ₱1.48 B in 2019

Century Properties Group, Inc. reported a 32.2 percent jump in net income to ₱1.48 billion last year from ₱1.12 billion in 2018.

In a disclosure to the Philippine Stock Exchange, the firm said growth came on the back of project completions from the company’s residential condominium segment and the combined contributions from its growing horizontal affordable housing and commercial leasing businesses.

CPG increased its revenues by 34 percent to ₱14.32 billion in 2019 from ₱10.70 billion in 2018.

This was driven by the completion of more than 1,300 condominium units and 866 affordable house and lot units in PHirst Park Homes Tanza (Cavite) and Lipa (Batangas).

Also contributing to revenues are the company’s commercial leasing properties, including its Asian Century Center office building in Bonifacio Global City and Century City Mall in Makati.

“With CPG's new business lines affordable housing and commercial leasing taking up 44 percent of the net income, our company’s financial results for 2019 show that we have kept on track with our strategic business expansion,” said CPG Chief Finance Officer Ponciano S. Carreon Jr.

Net income contributions from residential condominium is at 55 percent in 2019 against the previous year’s 76 percent.

Horizontal affordable housing posted a 25 percent contribution versus 17 percent in 2018, while leasing is now at 19 percent compared to 5 percent in the previous year. The balance contribution comes from the company’s property management business.

CPG aims to grow horizontal affordable housing and commercial leasing in the medium term to achieve a healthy balance of revenue mix with its vertical developments business.