CLI sets P 13-B expansion program
Property developer Cebu Landmasters Inc. (CLI) is gearing up to tap the debt and equity markets this year as it seeks funding for its expansion plans in the Visayas and Mindanao.
At the company’s stockholders’ meeting on Tuesday, CLI chief financial officer Grant Cheng said the company had “already engaged” with several investment firms for its fundraising activities.
“This will sustain our growth given the ample opportunities and clear market ahead of us borne from a real need—underserved housing demand,” he said.
Cheng said CLI would provide disclosures soon as it has finalized the related deals.
This year, CLI has earmarked P13 billion worth of capital expenditures—higher than P9.66 billion in 2021—for land acquisition and construction spending as it aims to launch more projects across the Visayas and Mindanao.
It also recently announced its plan to roll out 21 projects worth P31.5 billion this year, which include oceanfront homes, offices and new phases inside its township developments.
With a bullish outlook for its operations, Cheng said the listed company could “confidently” attain 20-percent growth in earnings this year. In 2021, its net income was up 42 percent year-on-year to P2.61 billion, surpassing the P2-billion bottom line in 2019.
“Our project launches are always well-anticipated in the markets where we are expanding. This will underpin our growth for the next several years,” he added.
In the first quarter, CLI grew its net income attributable to parent company by about 14 percent to P810.64 million from P713.83 million year-on-year, buoyed by better sale of real estates and revenues from rental and hotel operations.
It launched four projects amounting to P5.4 billion in the first quarter.
Total assets and liabilities stood at P69.99 billion and P51.21 billion, respectively, as of end-March.
“Overall, the fundamentals of our business are stronger and healthier than ever,” CLI president and CEO Jose Soberano III said.