Century Properties Group 9M2022 revenues surge by 35% to P8.7B

CENTURY Properties Group Inc. (PSE:CPG) sustained its solid performance in the first nine months of 2022, in synch with the country’s economic recovery, amid lingering geopolitical and macroeconomic concerns. CPG’s consolidated revenues for the first nine months of 2022 increased by 35 percent to P8.75 billion from P6.48 billion in the same period last year. For the third quarter, the company registered its consolidated revenues at P3.43 billion, 71 percent higher year-on-year, and net income of P594 million, an 86 percent increase from its level a year ago.

“The acceleration of business activity as the Philippine economy reopened allowed the company to generate higher earnings during the nine-month period. The demand for our residential projects, especially for affordable housing in key growth areas outside of Metro Manila remained strong despite rising inflation and interest rates,” said CPG Chief Finance Officer Ponciano Carreon Jr. PHirst Park Homes Inc. (PPHI), CPG’s affordable housing segment under a joint venture with Mitsubishi Corp., contributed P4.17 billion or 48 percent to total revenues. CPG’s vertical development segment’s contribution to revenue amounted to P3.27 billion or 37 percent, while its leasing segment contributed P999 million or 11 percent. The balance of 3 percent came from its property management business.

The company launched PHirst Park Homes Naic in Cavite in March 2022 and PHirst Park Homes Balanga, in Bataan in April 2022. One more PHirst Park Homes project in Central Luzon will be launched within the year. With 12 affordable housing projects already launched, PPHI is fast approaching its target of launching a total of 15 projects by 2023.

“This strategy allows us to address demand coming from a demographic of the first homebuyers’ market that has a broad range of purchasing power,” CPG President and Chief Operating Officer Marco Antonio said.