8990 Holdings’ 9-month profit up 16%

Mass housing developer 8990 Holdings Inc. said profit in the first nine months of the year rose nearly 16 percent on resilient sales, while the company committed to continue rolling out new projects.

Net income from January to September hit P6.3 billion versus P5.43 billion in the same period last year, the builder said in a statement.

Revenues were also up about 11 percent to P17 billion.

8990 president and CEO Anthony Vincent Sotto said gross margins improved to 53 percent from 50 percent in 2021.

“The outstanding results for the third quarter also significantly boosted the calendar-year results of the country’s leading affordable developer by double digits,” 8990 said in the statement.

For the third quarter alone, net income soared 34 percent to P2.64 billion while total revenues jumped by more than 30 percent to P6.7 billion, unaudited financial data showed.

Earnings per share thus increased by 16 percent to P1.2 billion during the period.

Sotto, meanwhile, reiterated the developer’s commitment to develop its vast inventory of property assets.

“On top of our current land bank, we are also in the process of unlocking the value of several properties nationwide through our 16 ongoing projects,” Sotto said.

As of the end of the quarter, 8990’s land holdings stood at nearly 705 hectares.

8990’s new projects include the Urban Deca Homes Banilad in Mandaue City, Cebu and the new Deca Homes Pampanga Phase 1 project.

During the nine-month period, it delivered 8,882 additional homes with 72 percent of sales coming from Luzon, mainly its Urban Deca Homes Ortigas project. Mindanao accounted for 15 percent, and Visayas the 13 percent balance.

“8990’s High-Rise Building projects continued to be popular among homebuyers, as this business segment contributed 59 percent of total revenues, with the 41 percent balance going to horizontal projects,” 8990 said.