8990 net seen to hit P5.2B

Riding on a strong momentum from last year, mass housing developer 8990 Holdings expects net profit this year to reach P5.2 billion on the back of about P13 billion worth of revenue.

Citing latest unaudited results, 8990 Holdings said it had hit its full-year 2018 revenue target of P11.5 billion.

“We had a strong fourth quarter given the increased interest in our housing projects throughout the country. This means we will have another banner year as our unaudited revenue hit our target of P11.5 billion in 2018. This is already double of what we did six years ago,” 8990 Holdings president and CEO Willie Uy said in a statement.

The company did not give an estimate on 2018 net profit. Based on 8990 Holdings’ earlier stated margin of 37.5 percent, however, hitting the full-year revenue target of P11.5 billion last year suggested that 8990 Holdings could book a net profit of at least P4.3 billion.

The 2019 net profit guidance thus suggests an increase of 21 percent from the prospective net profit last year alongside a 13-percent growth in revenue.

More than half of the growth in revenue is seen to come from its projects in Luzon, particularly its largest project to date, Urban Deca Homes Manila in Tondo.

Situated in an 8.4-hectare property, Urban Deca Homes Manila is a 13-tower residential complex offering over 13,000 units with an estimated sales value of P20 billion. Targeting residents of Tondo and those living in the Port Area, Intramuros, Divisoria and the Camanava (Caloocan-Malabon-Navotas-Valenzuela) area, Urban Deca Homes Manila serves the housing needs in the most densely populated area in Metro Manila.

“We have been in business for more than a decade. Our success in Luzon, Visayas and Mindanao is testament to our belief that housing should be within reach of every Filipino. The market will always be receptive if you provide homes that are within secure communities and make it within reach,” Uy said.

“Tondo is a good example. Urban Deca Homes Manila is the first large-scale development in the area. We provide Tondo residents and those living nearby, who are living with relatives or renting, a viable housing alternative in the area.”