CPG profits jump with full ownership of Phirst Homes

The Antonio family’s Century Properties Group Inc. (CPG) reported a 32 percent growth in consolidated net income to ₱1.86 billion last year from the ₱1.40 billion earned in 2022. In a disclosure to the Philippine Stock Exchange (PSE), the firm said its net income for 2023 is a 10-year high and has surpassed its pre-pandemic performance. Revenues improved by 14 percent to ₱12.7 billion, driven by the sustained stronger contribution of CPG’S First-home Residential Development Platform (Phirst) amounting to ₱7.40 billion or 58 percent of total revenues. Its In-city Vertical Developments and Commercial Leasing segments contributed 27 percent or ₱3.49 billion and 11 percent or ₱1.35 billion, respectively. The remainder came from its Property Management segment which contributed four percent or ₱463 million. “We are very satisfied with the 2023 performance of the company as we have proven that the deliberate and prudent measures taken by the management to navigate through the challenges during the crisis period and the strategies we implemented are now materializing,” said CPG Chief Finance Officer Ponciano S. Carreon Jr. He added that

“we continue to serve the high demand for affordable, quality, and strategically located first homes and focus on the continued recovery of other real estate business segments.” CPG’S earnings before interest, taxes, depreciation, and amortization (EBITDA) for 2023 also surged by 36 percent to ₱3.37 billion from ₱2.48 billion in 2022. This is due to higher gross profit margins which expanded to 47 percent compared to 43 percent in 2022, attributed to the higher contribution from the Phirst segment and coupled with the enhanced operating efficiencies across all business units. (James A. Loyola)