8990 Holdings beats prepandemic profit

Property developer 8990 Holdings Inc. beat prepandemic earnings last year as annual profits in 2021 jumped 49 percent to P7.21 billion.

8990 Holdings said in a statement on Tuesday this marked its “highest ever” historical net income. It recorded a profit of P5.86 billion in 2019.

8990 Holdings president Anthony Vincent Sotto added in the statement their results reflected the “strong demand for affordable housing.”

Meanwhile, the builder said real estate sales reached about P23 billion, up 43.5 percent. Net income margin was likewise higher at 35 percent versus 34 percent last year.

8990 delivered 11,564 units to Filipino homebuyers last year, the statement showed.

Most of the inventory came from Metro Manila (45 percent), followed by the rest of Luzon (22 percent), the Visayas (20 percent) and Mindanao (13 percent).

The company’s horizontal projects accounted for 59 percent of sales while 41 percent came from vertical residences.

Sotto did not provide any annual guidance for the year but reiterated their target to achieve P164 billion in sales over the next seven to eight years.

“The country’s leading mass housing developer hopes to achieve that lofty goal starting with its various programs for the current fiscal year,” 8990 Holdings said in the statement.

The developer ended the period with a land bank of nearly 730 hectares, which included undeveloped land “with permits in key strategic locations nationwide.”