8990 Holdings hits P10-B revenue target in 2017

MASS housing developer 8990 Holdings, Inc. said Tuesday it met its 2017 revenue target of P10 billion, with full-year unaudited revenues reaching P10.09 billion, reversing the negative trajectory in

In the fourth quarter alone, it said revenues almost doubled from the previous year to P3.96 billion, with major contributions from its developments in Iloilo, North Luzon, and Cebu.

In 2017, the company delivered a total of 7,348 homes, with 54 percent of these in Luzon, while 34 percent and 12 percent were in the Visayas and Mindanao.

In terms of value, Luzon generated 58 percent followed by the Visayas with 33 percent and Mindanao with 9 percent.

Meanwhile, the contribution of mid-rise and high-rise housing to total revenue increased to 47 percent from 26 percent in 2016.

“2018 will be even more exciting for us as we will launch more large-scale projects that will make 8990 poised to capture the Metro Manila affordable housing market,” 8990 President and Chief said in a disclosure.

The company is set to launch parts of the country, worth a combined P60 billion.

planned to spend P3 billion this year to fund the construction of projects and more land acquisitions.

The company raised P5 billion late last year from the issuance of Series A perpetual preferred shares which were listed on the Philippine Stock Exchange in December.