Strong VisMin demand lifts CLI 2024 profit
Cebu Landmasters Inc. reports an 8-percent gain in 2024 earnings.
MANILA, Philippines – Visayas and Mindanao-focused developer Cebu Landmasters Inc. (CLI) booked an 8-percent gain in its 2024 earnings to P3.01 billion on the back of high demand for its properties.
In a statement on Tuesday, the Soberano-led company said its top line rose by 4 percent to a record P19.5 billion.
“CLI continues to invest in projects that deliver quality and value for money, meeting the changing needs of our markets,” CLI chair and CEO Jose Soberano III said. “Our foundation remains strong and we’re well-positioned for continued growth.”
Property sales were up by 5 percent to P17.3 billion, while recurring income jumped by half to P467 million on gains from the hospitality business.
Rental income likewise surged by 45 percent to P162 million due to “attractive leasing spaces that have drawn global brands,” CLI said.
As of end-December, the company had 125 projects in its portfolio, 96 of which are residential developments.
