LISTED Philippine real estate firm Century Properties Group Inc. (CPG:PM) has announced that it posted P10.84 billion of consolidated revenues and P1.15 billion of net income in 2020, down by 24.3 percent and 22.2 percent, respectively, but still buoyed by its horizontal affordable housing and office leasing businesses.

CPG Chief Financial Officer Ponciano Carreon Jr. said the decline in the company’s revenues and net income are within expected levels that the company has prepared for, considering the significant impact of quarantine restrictions during the coronavirus pandemic, which drastically slowed down sales, collections and construction activities.

“Notwithstanding a challenging 2020 for most industries, CPG generated reasonable profits as a result of its diversification strategies in the prior years, demonstrating the industry experience and track record of the company and its management team. The high-margin segments of affordable housing and office leasing proved to be resilient throughout the year and contributed 93 percent to the net income compared to 43 percent last year,” Carreon said.

Affordable housing contributed 35 percent or P398 million compared to 24 percent in 2019 to the net income, while leasing contributed 58 percent or P665 million compared to 19 percent in the previous year. The company’s in-city vertical developments and property management businesses posted marginal contributions, as last year’s quarantine measures hampered construction and streamlined property management operations.

Through the brand PHirst Park Homes with its joint-venture partner Mitsubishi Corporation, the company will launch new house and lot communities in the high-growth locations of Cavite, Bulacan and Quezon in the second half of 2021.

One of the 30 private-sector companies to participate in the first wave of tripartite agreements with the government to procure 2.6 million doses AstraZeneca vaccines for priority sectors, CPG is also preparing for a vaccination program for its employees and their qualified dependents this second quarter.