Century Properties’ income rises 32% to hit 10-year high

CENTURY Properties Group Inc. (CPG) capped its 2023 operations with a strong performance, reporting a consolidated net income after tax (NIAT) of P1.86 billion, or 32 percent higher P1.40 billion in 2022.

CPG said Monday this NIAT level was a 10-year high and surpassed the company’s pre-pandemic performance.

Revenues grew 14 percent to P12.7 billion, driven by the sustained stronger contribution of CPG’s First-Home Residential Development Platform (PHirst) amounting to P7.40 billion or 58 percent of the total revenues.

It said its in-city vertical developments and commercial leasing segments contributed 27 percent or P3.49 billion and 11 percent or P1.35 billion, respectively.

The balance came from its property management segment which contributed 4 percent or P463 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 Carreon Jr.

“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,” Carreon said.

CPG’s earnings before interest, taxes, depreciation and amortization (EBITDA) for 2023 also surged by 36 percent to P3.37 billion from P2.48 billion in 2022 on higher gross profit margins which expanded to 47 percent compared to 43 percent in 2022.