Century Properties Q1 net profit up 21%

MANILA  -The Antonio family’s Century Properties Group (CPG) saw first quarter 2023 profits jump 21 percent to P302 million amid the growth of its affordable housing segment.

The builder said revenues also climbed 28 percent to P3.3 billion from January to March.

“The sustained good performance of our first-home market business segment reflects well the strong market appetite for quality, strategically located, and affordable homes, which serves not only every Filipino’s aspiration but also helps address the big housing backlog that our government is also prioritizing,” CPG executive chair Jose E. B. Antonio said in a statement.

The developer said its first-home developments contributed P1.6 billion or 48 percent of total revenue. This was up 33 percent from last year.

“We remain bullish in terms of business expansion and implementation of our strategic plans for this segment which, in the process, create value for our stakeholders and support our government’s efforts towards nation-building,” Antonio said.

The company’s newer projects include Phirst Sights Bay Laguna, Phirst Editions Batulao Batangas, and Phirst Centrale in Hermosa Bataan.

PHirst residential development

Antonio said they plan to introduce more developments in the “north and south” areas of Metro Manila.

“[W]e will continue to take opportunities to go on a nationwide scale which will be our ultimate goal to further accelerate growth,” Marco Antonio, CPG president and CEO, said in the same statement.

CPG earlier announced it would fully redeem its P3-billion preferred shares on July 10 this year while highlighting its strong balance sheet.

“Our balance sheet management objective of keeping our financial indicators at healthy levels will provide enough buffer for our expansion, opportunistic acquisitions, and even consolidation,” Century chief finance officer and treasurer Ponciano S. Carreon Jr. said in the same statement.