Century Properties aims to triple revenues by 2015
Execs remain bullish on local real estate sectorBy Daxim L. Lucas |Philippine Daily Inquirer
MANILA, Philippines—Property developer Century Properties Group Inc. has unveiled a three-year work program that—if plans proceed smoothly—would see the publicly listed firm triple its sales and almost double its earnings by 2015.
In a briefing on Friday, the company’s chief financial officer, Jose Carlo R. Antonio, described its “second stage of growth” as one that would center around hitting P30 billion worth of pre-sales revenues in three years and a post-tax profit of P3 billion by the end of the same period.
“Century is now well set for the next phase of its growth,” he said, pointing out that the last three years from 2010 to 2012 were “transformative years.” During this period, Century Properties has caught the public’s attention—as well as the skepticism of critics—with high-profile marketing programs involving projects designed or co-branded with international celebrities like socialite Paris Hilton and business mogul Donald Trump.
The CFO of the 30-year-old property firm said that its third target for the next three years involved strengthening its business model to emphasize “leadership, innovation, sustainability and exposure.”
Another thrust for the company on stage two is to expand its business portfolio into leasing income by allocating land for 100,000 square meters of commercial properties as well as develop projects in key growth cities outside Metro Manila.
During the briefing, Antonio—whose father, Ambassador Jose E.B. Antonio, chairs the firm—announced that Century’s data indicated pre-sales of P21.4 billion for 2012, which represented a 16.6-percent growth over its P18.4 billion pre-sales for 2011.
Seventy-four percent of the pre-sales came from the international market—a figure which he described as “industry-leading.”
The company’s pre-sales per market segment are divided into 24 percent, 33 percent and 43 percent for the luxury, middle income and affordable markets, respectively. Total revenues for 2012 amounted to P9.6 billion, representing a 104-percent jump from the previous year, while net income for the period stood at P1.86 billion compared to P866 million at the end of 2011, for an increase of 114 percent.
“With a healthy economic backdrop underscored by the recent upgrade of the Philippines to investment grade, we are 92-percent sold on 13,370 units we have opened for sale and are set to complete six buildings with 375,093 square meters by December 2013 alone,” Jose Antonio said, adding that the company’s optimism “remains very high for the property sector.”