8990 Holdings Builds On Business Recovery, Posts Double-Digit Growth In Gross Revenues, Net Profit
8990 Holdings, Inc., listed on the Philippine Stock Exchange (PSE) under the symbol “HOUSE,” posted high double-digit growth rates in Gross Revenues and Net Profit in the first quarter as the economy continues to rebound from the effects of the COVID19 pandemic.
Photo Insert: Urban Deca Homes by 8990 Holdings, Inc.
8990’s unaudited Gross Revenues from Real Estate Sales jumped 16.11% to PhP 5.20 Billion for the period ended March 31 from P4.48 Billion during the same period last year.
Including Other revenues such as those from Hotel Operations and Rental Income, 8990’s Total Gross Revenues increased substantially by 16.70% to PhP 5.22 Billion from PhP 4.48 Billion.
Buoyed by the huge increase in revenues, 8990’s unaudited Net Profit likewise jumped 22.7% to PhP 1.9 Billion for the past quarter, from PhP 1.55 Billion registered during the comparative period last year. Earnings per share likewise improved by 22.7% to P0.35 from P0.29.
8990 President & CEO Anthony Vincent Sotto attributed the strong results and the company’s exponential growth rates in both Gross Revenues and Net Profit to the renewed confidence of Filipinos in their future revenue streams and the continued high demand for mass housing.
He added that the easing of lockdowns contributed to the overall improvement of the business climate as COVID-19 vaccination rates go higher nationwide.
“We are hopeful that the confidence of homebuyers in our key mass housing market will grow even stronger for the rest of the year,” Sotto declared.