Century Properties Group, Inc. Reported P410 Million in Consolidated Net Income After Tax in Q12024

Century Properties Group Inc. (CPG) continued its good performance in the first quarter of 2024 (Q12024), posting a consolidated net income after tax (NIAT) of P410 million, 35% higher than P302 million in the same period in 2023 (Q12023).​

Revenue increased by 7% to P3.6 billion in Q12024 from P3.3 billion in Q12023, owing to the continued strong contribution of CPG's First-Home Residential Development Platform (PHirst) of P2.1 billion, or 58% of total revenues. Its In-City Vertical Developments and Commercial Leasing businesses contributed 34% (P1.1 billion) and 9% (P314 million), respectively. The balance came from its Property Management business, which contributed 3%, or P99 million.​

“The affordable residential market’s sentiment for quality homes defied the odds of elevated interest and stubborn inflation rates as shown by our strong first quarter performance. Sales take-up of our PHirst home products remains strong and we see this further improving for the rest of the year. We are bullish on this resilient segment of the industry without losing sight of the niche market for luxury homes,” said Ponciano S. Carreon, Jr., Chief Finance Officer of CPG.

CPG's earnings before interest, taxes, depreciation, and amortization (EBITDA) for Q12024 increased by 29% to P865 million from P668 million in Q12023, owing primarily to a healthy gross profit margin of 44%, as the first segment maintained its higher contribution and all business segments continued to improve operating efficiencies.

As of the end of March 2024, CPG's balance sheet remained unchanged, with total assets of P54.2 billion, total liabilities of P33.1 billion, and total equity of P21.1 billion. The full repayment of its P3 billion fixed-rate retail bonds on March 1 reduced its total liabilities, whereas the issuing of P2 billion preferred shares on March 22 increased its total equity.​

"Our firm commitment to timely deliver on our ongoing projects and the launching of several residential projects for the year puts us well on track to exceed the group’s prior year’s performance. We take to heart every Filipino’s dream of owning more than just homes and cultivating communities to match their aspired lifestyle," said Marco R. Antonio, President and CEO of CPG.