Cebu Landmasters expects to surpass 2017 targets

Cebu Landmasters Inc. (CLI), a listed property developer focused on the Visayas and Mindanao regions, expects to surpass its P1.2 billion net income target for 2017.

CLI registered exceptional reservation sales of P4.58 billion, up 13.7 percent year on year.

In the first nine months of 2017, CLI generated P960 million in profit or 77 percent higher than the previous year. Revenues meanwhile increased by 67 percent.

CLI chairman and chief executive officer Jose Soberano III said there are more projects in the pipeline.

“Our growth has been exceptional and we have a strong pipeline of VisMin projects where real estate demand remains high. CLI is well positioned to deliver outstanding shareholder value,” Soberano said.

The company is implementing a P250 million buyback program for a period of 24 months.

Companies pursue buyback programs when they perceive shares are trading significantly lower than their intrinsic value. The company’s shares closed unchanged yesterday at P4.70.

CLI also declared a regular cash dividend of P0.15 per share with a record date of March 23, payable on April 23.

The buyback program is seen to benefit shareholders while building up treasury shares for the company’s Employee Stock Option Plan.

“We are confident that offering stock options will allow us to retain and attract the best talents,” Soberano said.

CLI made its debut in the stock market last year.