Century Properties Group posts P5.3B in revenues in 1H2022, up by 20%



The Manila Times


Public Square

CENTURY Properties Group Inc. (PSE:CPG) reported its consolidated revenues for the first half of 2022 at P5.3 billion, up by 20 percent from P4.4 billion in the same period last year. PHirst Park Homes Inc. (PPHI), CPG’s affordable housing unit under a joint venture with Mitsubishi Corporation, contributed P2.6 billion or 48 percent to total revenues. Its leasing segment’s contribution to revenues remained stable, amounting to P521 million. “We are steadfast in our commitment of being a part of nation-building by serving the needs of Filipinos for quality, affordable, and strategically located homes. We will further ramp up this business segment as we help fill the high demand due to the big unserved backlog of this market segment,” said CPG Chief Finance Officer Ponciano Carreon Jr. The company launched PHirst Park Homes Naic in Cavite in March 2022 and PHirst Park Homes Balanga, in Bataan in April 2022. Two more additional PPHI projects in Central Luzon will be launched within the year. With 12 affordable housing projects already launched, the company is fast approaching its target of launching a total of 15 projects by 2023. As of June 2022, the company has already completed 4,584 affordable houses, 3,126 of which have already been turned over. CPG’s net income for the first six months of the year was P549 million, 20 percent higher than P457 million in the same period last year. Likewise, the company’s Ebitda (earnings before interest, taxes, depreciation and amortization) jumped 33 percent to P1.2 billion from P877 million in the same period last year. CPG’s total assets as of the end of June 2022 amounted to P54.4 billion, with total liabilities of P31.5 billion and total equity of P22.9 billion.