MANILA – Property developer Century Properties Group, (CPG) Inc. on Monday reported its net income surged by 32.2 percent last year on the back of project completions from its residential condominium segment and its growing horizontal affordable housing and commercial leasing businesses.
Its profit reached PHP1.48 billion in 2019 from PHP1.12 billion the previous year.
CPG also increased its revenues by 34 percent to PHP14.32 billion from PHP10.70 billion in 2018.
“With CPG's new business lines affordable housing and commercial leasing taking up 44 percent of the net income, our company’s financial results for 2019 show that we have kept on track with our strategic business expansion. This is a strong testament of our continued commitment to deliver results and value to our shareholders,” Ponciano Carreon, Jr., CPG’s chief finance officer and head of investor relations said in a statement.
The company completed over 1,300 condominium units and 866 affordable house and lot units in PHirst Park Homes Tanza (Cavite) and Lipa (Batangas), as well as its commercial leasing properties, including its Asian Century Center office building in Bonifacio Global City and Century City Mall in Makati.
Net income contributions from residential condominiums reached 55 percent in 2019 against the previous year’s 76 percent.
Horizontal affordable housing posted a 25-percent contribution versus 17 percent in 2018, while leasing is now at 19 percent compared to 5 percent in the previous year.
The balance contribution comes from the company’s property management business.
CPG aims to grow horizontal affordable housing and commercial leasing in the medium term to achieve a healthy balance of revenue mix with its vertical developments business.
The company undertook a business expansion program in 2014 to serve unmet market demand and diversify revenue streams. (PR)
