Philippine-listed Century Properties Group (CPG) announced its robust financial performance for the first quarter of 2023, with consolidated revenues reaching P3.3 billion, marking a substantial 28% growth compared to the same period in 2022.
The company’s net income also showed a notable increase of 21% year-on-year, amounting to P302 million.
As economic activities accelerated both domestically and globally, and most businesses reopened, CPG experienced stability and continuous recovery across its business segments.
The First-Home Market Residential Developments segment played a significant role, contributing P1.6 billion or 48% to the company’s total revenues. Impressively, this segment’s contribution witnessed a remarkable 33% year-on-year growth.
Additionally, CPG’s Commercial Leasing segment generated a revenue growth of 45%, totaling P312 million.
Amb. Jose E. B. Antonio, CPG’s Executive Chairman, expressed his satisfaction with the sustained performance of the first-home market business segment, highlighting the strong market demand for quality, strategically located, and affordable homes.
He emphasized that this sector not only fulfills the aspirations of Filipinos but also addresses the substantial housing backlog prioritized by the government. Antonio further stated the company’s optimistic outlook for business expansion and strategic plans in this segment, which would create value for stakeholders and contribute to nation-building efforts.
CPG recently expanded its First-Home Market’s product range to include socialized, economic, and mid-income high-quality residential projects, in addition to its existing affordable housing offerings.
The company launched several new projects, including Phirst Sights Bay Laguna, Phirst Editions Batulao Batangas, and Phirst Centrale in Hermosa Bataan. CPG President and CEO, Marco Antonio, emphasized the company’s commitment to nationwide expansion and the goal of accelerating growth as they introduce more projects and product lines across the country.
Furthermore, CPG upholds sound debt management and prudent financial controls. The company successfully redeemed its P3 billion fixed-rate retail bonds on April 15, 2022. It has also announced plans to fully redeem its P3 billion Preferred Shares (CPGP) on July 10, 2023.
This strategic balance sheet management approach, as stated by CPG’s Chief Finance Officer and Treasurer, Ponciano S. Carreon, Jr., ensures healthy financial indicators that provide sufficient buffer for expansion, opportunistic acquisitions, and potential consolidation.
While the company’s management believes in the reasonableness of their assumptions for future performance, they acknowledge that actual results and future events may differ materially from the forward-looking statements.
CPG commits to updating such statements if circumstances or management’s estimates or opinions change, ensuring transparency and accountability to stakeholders. – BusinessNewsAsia.com