Century Properties posted 32% profit growth in 2023
MANILA, Philippines — Antonio family-led Century Properties Group Inc. recorded a 10-year high in earnings last year, surpassing its prepandemic performance and riding on the growth of its first-home residential venture.
Century Properties on Monday said its net income in 2023 grew to P1.86 billion, up by 32 percent from P1.40 billion in 2022, while revenues rose by 14 percent to P12.7 billion. In 2019, the company’s net income was at P1.48 billion.
PHirst, its fully owned first-home residential platform, accounted for 58 percent of total revenues with P7.40 billion.
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Century Properties fully acquired PHirst last year after taking the 40-percent stake held by Mitsubishi Corp. via a share purchase agreement.
Its in-city vertical developments and commercial leasing segments contributed P3.49 billion and P1.35 billion, respectively, to total revenues.
The property management segment accounted for P463 million.
“We are very satisfied with the 2023 performance of the company as we have proven that the deliberate and prudent measures taken by the management to navigate through the challenges during the crisis period and the strategies we implemented are now materializing,” said Ponciano Carreon, Century Properties chief finance officer.
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Century Properties President and CEO Marco Antonio said they would unveil more projects this year to cater to “various market segments.”
These include a premium low-density boutique residence in Makati City, a mid-rise residential building in Quezon City, and a mid-rise residential development in San Fernando, Pampanga province.
Under PHirst, Antonio said five new projects covering 85 hectares were set to launch within the year.
Worth a total of P18 billion, these projects will have more than 8,000 residential units, he said.
“We are taking proactive strategies to sustain and enhance our financial performance in the coming months,” Antonio added.
