Century Properties nine-month net income up 38%

Antonio-led real estate developer Century Properties Group Inc. on Thursday reported a 38% increase in its net income for the first nine months of the year, as revenues posted double-digit growth owing mainly to robust sales in its first-home residential development (PHirst) segment.

In a regulatory filing, Century Properties said its net income after tax climbed to P1.8 billion from P1.3 billion, as revenues rose 11% to P10.8 billion, with the PHirst segment accounting for 64% or P6.9 billion.

The premium residential developments segment contributed 24% or P2.6 billion, while the commercial leasing and property management segments contributed the remaining 13% or P1.4 billion.

“With the rapid and transformative infrastructure developments underway across the country, particularly in Luzon and the Visayas, we remain focused on expanding our presence in key cities and municipalities outside the National Capital Region,” Century Properties chief finance officer Ponciano Carreon Jr. said.

“We are committed to sustaining our growth, both organically and through strategic acquisitions and consolidations, as we have consistently done in the past,” he added.

Century Properties is primarily engaged in the development, marketing, and sale of mid- and high-rise condominiums and single-detached homes, leasing office space, and property management. It ended 2023 with 38 completed projects.

Its subsidiaries include Century Communities Corp., Century City Development Corp., Century Limitless Corp., Century Properties Management Inc., PHirst Park Homes Inc., Century Destinations and Lifestyle Corp., and Century Nuliv Development Corp.

“With a strong nine months performance and expanded range of project pipeline to maintain the growth trajectory, Century Properties Group is very confident that it will deliver the same level of value it has started to distribute to its shareholders,” Century Properties president and chief executive officer Marco Antonio said.

—VAL, GMA Integrated News