Cebu Landmasters net income soars to record-high P3.17B in 2022

CLI’s flagship economic brand Casa Mira accounted for the largest share at 47 percent of 2022 revenues. (Artist’s perspective)

Leading VisMin developer Cebu Landmasters Inc. (CLI) reported another record performance with a 32 percent growth to P3.171 billion in normalized net income to parent shareholders in 2022. The normalized net income took out a one-time tax adjustment due to the CREATE law.

The listed company also registered a double-digit profit growth of 21 percent from its 2021 NIAT of P2.6 billion, even after the adjustment.

Significant milestones, strong sales, and outstanding collections pushed CLI’s topline to grow by 40 percent to P15.657 billion in 2022, up from P11.162 billion in the previous year. Despite the surge in CLI’s topline, its unrecognized revenue for future recognition still stood at P29 billion.

“Our robust 2022 performance is a testament to our growing commitment and leadership in the Vismin region. We have been recording double-digit growth across all segments since our 2017 IPO. We are finally setting our sights on Luzon in the next 2 years,” said CLI chairman and CEO Jose R. Soberano III.

CLI grew its real estate sales revenue by 40 percent to P15.439 billion in 2022 from P10.996 billion a year ago. This was mainly driven by significant construction progress across all CLI project sites in 16 key cities in VisMin as of end 2022.

Cebu Landmasters; five-storey The Pad Co-Living at Banilad High Street is set to open in Q3 2023.

CLI launched close to 5,000 units across 16 projects, worth P19.36 billion collectively, which was 74 percent sold by the end of 2022. Sales velocity of these launches hit peak levels with most developments fully taken up within days. CLI’s first project in a new area, Puerto Princesa, for instance, was 85 percent sold out in less than a week.

The listed company also posted a 71 percent growth in hotel revenues to P83 million in 2022, while revenues from rental units also improved with a 7 percent growth to P79.28 million from P74.27 million in 2021 on increased lease contracts and new tenants from the recently-completed Latitude Corporate Center.

CLI’s flagship economic brand Casa Mira accounted for the largest share of revenues at 47 percent, followed by the mid-market Garden Series contributing 27 percent, and the high-end Premier Masters at 24 percent. The mix of revenue recorded during the year was brought about by the strong Casa Mira sales during the height of the pandemic in 2020.

After a strong 2022 performance, CLI is eyeing continued expansion this year on the back of optimism for strong economic growth and property demand in the VisMin region. In CLI’s pipeline are P29.75 billion worth of projects expected to drive reservations sales during the year. The company is also setting its sights on a Luzon entry with a landbank build up that will begin this year.

CLI will likewise open three hospitality projects this year: The Pad, lyf Cebu City at Base Line Center, and Citadines Bacolod City. The listed company also targets a substantial growth in its leasing business, with an addition of 4,000 sqm worth of gross leasable area (GLA) largely from Davao Global Township retail pads and convention center.