Century Properties Group, Inc. Hits a 10-Year High, Net income Soars 32% to P1.86 Billion in 2023

The consolidated net income after tax (NIAT) of Century Properties Group Inc. (CPG) was P1.86 billion at the end of 2023, a 32% increase over P1.40 billion in 2022. This was a great performance for CPG. In addition to surpassing CPG's pre-pandemic performance, this NIAT level is a 10-year high.​

Due to CPG's First-Home Residential Development Platform (PHirst), which contributed P7.40 billion, or 58% of total revenues, revenues increased by 14% to P12.7 billion. Its Commercial Leasing and In-City Vertical Developments divisions made up 11%, or P1.35 billion, and 27%, or P3.49 billion, respectively. Its Property Management division provided the remaining P463 million, or 4% of the total.​

“We are very satisfied with the 2023 performance of the company as we have proven that the deliberate and prudent measures taken by the management to navigate through the challenges during the crisis period and the strategies we implemented are now materializing,” said Ponciano S. Carreon, Jr., Chief Finance Officer of CPG. “We continue to serve the high demand for affordable, quality, and strategically located first homes and focus on the continued recovery of other real estate business segments,” Carreon further added.

The earnings before interest, taxes, depreciation, and amortization (EBITDA) of CPG increased by 36% in 2023 to P3.37 billion from P2.48 billion in 2022. This increase was primarily attributable to higher gross profit margins, which increased to 47% from 43% in 2022. The increased contribution from the first segment was also a contributing factor, along with improved operating efficiencies throughout all business units.

The robust performance of CPG is bolstered by its robust balance sheet. Its total assets were P55.39 billion as of the end of December 2023, while its total liabilities were P35.08 billion and its total equity was P20.30 billion.

CPG is still implementing responsible financial controls and good debt management. On July 10, 2023, the P3 billion Preferred Shares (CPGP) and the P3 billion fixed-rate retail bonds were fully redeemed by the company on March 1, 2024.​

"For our In City Vertical Developments, we look forward to unveiling our upcoming projects tailored to meet the evolving needs of various market segments, including a premium low-density boutique residence in Makati City, a mid-rise residential building in Quezon City, as well as a mid-rise residential development within Azure North estate in San Fernando, Pampanga. Under our PHirst Brand, we will be launching 5 new projects in 2024 covering 85 Has, with over 8,000 units worth P18 billion of fresh inventory. Three of these developments will be in CALABARZON, while the other two will be in Central Luzon. We are also taking proactive strategies to sustain and enhance our financial performance in the coming months," Marco R. Antonio, President and CEO of CPG, affirmed.