Cebu Landmasters nets P2.3 billion in first nine months of 2024

Cebu Landmasters Inc. (CLI) on Tuesday reported a 7% increase in its net income for the first nine months of the year, driven by the growth across its business units during the period with property sales up 8.7%.

CLI said its net income to the parent company climbed to P2.3 billion from P2.2 billion the past year, as consolidated revenues rose to P14.1 billion from P12.9 billion, and property sales grew to P13.8 billion.

The company launched P8.2-billion worth of projects during the period, covering 1,664 residential units. This includes a mix of 57% for the mid-market segment, and 32% for the economic segment. New project launches were reported 89% sold out.

The company is also set to launch two more projects this year: The North Grove at Pristina Town with over 1,000 units, and the first three towers in Manresa Town in Cagayan de Oro.

“Market absorption for our newly launched developments has been remarkably swift, with several projects selling out almost immediately upon market introduction,” CLI chairman and chief executive officer Jose Soberano III said in an emailed statement.

“This strong demand underscores that we’re offering well-priced, thoughtfully designed developments that truly meet the needs of our target markets,” he added.

Hospitality revenues increased 52% year-on-year to P149 million, as the company opened three new properties: Citadines Bacolod City, lyf Cebu, and The Pad Co-Living. Leasing revenues also increased 47% to P144 million.

CLI in September earmarked P3.25 billion for its expansion in the next 12 to 24 months, with P1.35 billion going to project development expenses and the remaining P1.9 billion for land acquisitions. — BM, GMA Integrated News