Century Properties H1 2023 profit up 20%

MANILA  -The Antonio family’s Century Properties Group saw its net income jump 20 percent during the first six months of the year on the strong growth of its affordable housing segment.

Net income from January to June this year hit P656 million, up from P548 million in the same period last year.

Century Properties said total revenue during the period jumped 27 percent to P6.7 billion, with more than half of sales coming from its First Home (PHirst) residential brand.

“The demand for quality and strategically located first homes have proven to be resilient and even stronger and [Century Properties] was well-prepared to serve this market with its First-Home Brand. We are aiming to maintain this growth trajectory as we launch new projects,” said company president and CEO Marco R. Antonio.

PHirst prices for affordable homes range from P1.5 million to P3.5 million. The unit launched its maiden development in the province of Nueva Ecija via PHirst Park Homes Gapan followed by the opening of PHirst Impressions Batulao in Nasugbu, Batangas.

“Plans are in place to add two additional projects in the second half of 2023, which includes PHirst’s pilot venture in the Visayas Region. Collectively, these will bring PHirst’s portfolio to 20 active projects, on its way to achieving the programmed nationwide presence,” the company said.

Revenue contributions from PHirst thus increased to 52 percent of total revenue during the first quarter, up from 48 percent in the same period in 2022.

Century Properties said the remainder of revenues came from in-city vertical projects, commercial leasing, and property management. These contributed P2.4 billion, P670 million and P217 million, respectively.

The share of other segments declined as Antonio underscored the firm was “taking a very calculated stance in managing our leasing portfolio and high- rise vertical residential developments aligned with our view of a moderate and gradual growth for this segment of the industry”.