Cebu Landmasters, Inc. Reports Revenue of P6.257 Billion for Q12024, a 31% Increase YOY

Cebu Landmasters Inc. (CLI), the leading developer in VisMin, reported an impressive 31% consolidated revenue growth to P6.257 billion in the first quarter of 2024 from P4.777 billion in the same period the previous year. Strong growth is the main cause of the uptick in all business segments of the listed company.

The listed firm's first quarter net income to parent increased from P847 million to P978 million, a 15% normalized growth year over year, as a result of this exceptional performance.

With fresh project launches planned, CLI's latest reservation sales take-up also topped P7.18 billion, and this trajectory is anticipated to continue through the end of the year. After only one month on the market, the company's recently released Casa Mira Homes Butuan, with a P2.6 billion sales value, is selling quickly. Currently, CLI has 93% of all of its projects, regardless of stage of development, sold out.

“This quarter’s notable achievement strongly indicates that we are on track. Our consistently strong sales performance in the preceding years coupled with the significant progress of the construction of our projects are our main contributors to our stellar performance,” CLI chairman and CEO Jose Soberano III said.

In the first quarter, its hotel revenue increased by 37% as a result of the opening of three new hotels in addition to the fully operating Citadines Cebu City. The recently opened lyf Cebu City at Base Line Center, The Pad Co-Living on Banilad High Street, and Citadines Bacolod City have increased the company's total number of completed rooms to 338. Six additional hotels that CLI is building are anticipated to significantly boost its hotel revenue growth.

“The hospitality industry in VisMin is getting stronger and we are poised to take advantage of this opportunity,” Soberano highlighted. 

Due to recently turned-over lease spaces at 38 Park Avenue and Base Line Center Phase 2, which are situated in Cebu's business hubs, CLI's rental income also jumped by 58%.

In addition, the company has deliberately invested P2.74 billion in capital during the first three months, going toward the P14.5 billion in annual expenses that are anticipated.

CLI successfully listed its P4.28 billion follow-on offering from Series A preferred shares not too long ago. The company's expansion goals will be the main use of the proceeds from this transaction.

The property developer also announced early this year its first international joint venture partnership with NTT UD Asia Pte. Ltd., a subsidiary of NTT Urban Development Corporation of Japan, to form CLI NUD Ventures, Inc. The joint venture's inaugural project is a P6.4 billion, two-tower Japanese-inspired residential development in Cebu IT Park. Tower 1 is expected to be launched in Q42024, with just over 500 premium residential units.

CLI has P27.65 billion pipeline projects that include the residential development with NTT and condominium towers in the listed company’s estate project Manresa Town in CDO. “We are committed to expanding our footprint around the country. We will soon introduce our first project in General Santos and we continuously work on land acquisition initiatives in Luzon,” Soberano added.