Century Properties H1 net income, revenue up by 20%

Century Properties Group Inc. (CPG) posted a 20-percent growth in consolidated revenue in the first half of 2022 to P5.3 billion from P4.4 billion a year ago.

Its net income for the period  hit P549 million, also 20 percent higher than the P457 million registered in the first half of 2021.  Earnings before interest, taxes, depreciation and amortization or Ebitda jumped 33 percent to P1.2 billion from P877 million in the same period last year.

PHirst Park Homes Inc. (PPHI), CPG’s affordable housing unit under a joint venture with Mitsubishi Corp.,  contributed P2.6 billion or 48 percent to total revenue. Its leasing segment’s contribution was P521 million.

“We are steadfast in our commitment of being a part of nation building by serving the needs of Filipinos for quality, affordable, and strategically located homes. We will further ramp-up this business segment as we help fill the high demand due to the big unserved backlog of this market segment,” said CPG chief finance officer Ponciano S. Carreon, Jr.

CPG  launched PHirst Park Homes Naic in Cavite in March 2022 and PHirst Park Homes Balanga, in Bataan in April 2022. Two more additional PPHI projects in Central Luzon will be launched within the year.

With 12 affordable housing projects already launched, the is on track to hitting its target of launching 15 projects by 2023. Company is fast approaching its target of launching a total of 15 projects by 2023.

Meanwhile, CPG’s total assets as of end June this year amounted to P54.4 billion, with total liabilities of P31.5 billion and total equity of P22.9 billion.