8990 Holdings' Profit Up 34% On Eased Mobility

8990 Holdings, Inc. posted 34.1% higher attributable net income to P2.65 billion in the third quarter from P1.97 billion last year on eased mobility restrictions.

Photo Insert: Real estate sales contributed P6.92 billion, 29.8% higher than P5.34 billion last year.

For the quarter, the company’s topline reached P6.98 billion, up by 30.7% from P5.34 billion in the same period a year ago. Real estate sales contributed P6.92 billion, 29.8% higher than P5.34 billion last year. Rental income was 68.5% lower at P1.33 million from P4.21 million a year ago.

“The outstanding results for the third quarter also significantly boosted the calendar-year results of the country’s leading affordable developer by double digits,” the company said. For the nine-month period, the company’s attributable net income rose by 15.9% to P6.29 billion from P5.43 billion last year.

From January to September, 8990 Holdings’ topline totaled P17.03 billion, up by 10.9% from P15.31 billion in 2021.

Real estate sales contributed P16.88 billion, 10.6% higher than P15.27 billion a year ago, while rental income’s share was 97.2% lower at P2.4 billion from P84.75 billion. 8990 Holding’s vertical projects contributed 59% to revenues, while horizontal projects made up 41% of the total.

As of September, the company delivered 8,882 additional homes — 56% in Luzon, 23% in the Visayas, and 22% in Mindanao.

The company said it has 704.66 hectares of land holdings with a potential sale value of P155 billion. On Thursday, shares in 8990 Holdings climbed by 90 centavos or 9.57% P10.30 apiece.

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