Century Properties Net Income Leaps 35% To PHP410-M In Q1-2024

Real estate developer Century Properties Group, Inc. (CPG) continues to demonstrate robust performance, capping the first quarter of 2024 with a consolidated net income after tax (NIAT) of PHP410 million, highlighting a 35% leap from PHP302 million in Q1-2023.

CPG’s total assets were PHP54.2 billion, total liabilities, at PHP33.1 billion, and total equity was at PHP21.1 billion. I Photo: Century Properties

The company disclosed to the Philippine Stock Exchange (PSE) that its revenues grew to PHP3.6 billion in Q1-2024, driven by the sustained contributions of its First-Home Residential Development Platform (PHirst) amounting to PHP2.1 billion, In-City Vertical Developments at PHP1.1 billion, Commercial Leasing segments at PHP314 million, and Property Management segment with PHP99 million.

Ponciano S. Carreon, Jr., Chief Finance Officer of CPG, commented, "The affordable residential market’s sentiment for quality homes defied the odds of elevated interest and stubborn inflation rates, as shown by our strong first quarter performance."

He noted that sales of CPG's PHirst home products remained strong and that they expect this trend to further improve for the rest of the year.

"We are bullish on this resilient segment of the industry without losing sight of the niche market for luxury homes,” Carreon added.

Marco R. Antonio, President and CEO of CPG, said, "Our firm commitment to timely delivery on our ongoing projects and the launching of several residential projects for the year puts us well on track to exceed the group’s prior year’s performance. We take to heart every Filipino’s dream of owning more than just homes and cultivating communities to match their aspired lifestyle."

CPG’s reported balance sheet, as of the end of March 2024, remained steady, with total assets of PHP54.2 billion, total liabilities of PHP33.1 billion, and total equity of PHP21.1 billion.