Century Properties says results hit or beat pre-pandemic levels

CENTURY PROPERTIES Group, Inc. said on Thursday that financial results have returned to pre-pandemic levels, allowing the real estate developer to pursue growth opportunities.

“Our financial and operating results for the first half of the year are comparable if not better than the pre-pandemic levels which puts us in a very good position to pursue opportunities in this growing and robust segment of the industry through organic growth, acquisitions or consolidation,” said Century Properties Treasurer and Chief Finance Officer Ponciano S. Carreon in a media release.

In a regulatory filing, the company said second-quarter attributable net income reached P219.23 million, up 25.5% from P174.75 million a year earlier.

Gross revenues for the three months ending in June, hit P3.77 billion, higher by 39.6% than P2.7 billion previously.

In the first half of the year, it reported P656 million in net income, 20% higher than the P548 million in the same period last year, driven by higher revenues.

It reported a 27% increase in its top line to P6.7 billion from P5.3 billion due to higher sales from its first-home residential brand PHirst.

The company’s PHirst brand contributed 52% to first semester revenues or P3.5 billion, 48% higher than the P2.6 billion reported the previous year.

“The demand for quality and strategically located first homes have proven to be resilient and even stronger and [Century Properties] was well-prepared to serve this market with its First-Home Brand,” said Century Properties President and Chief Executive Officer Marco R. Antonio.

The company added that the rest of the revenues, at P2.4 billion, came from its in-city vertical developments commercial leasing, and property management segments at P670 million and P217 million, respectively.

“We are aiming to maintain this growth trajectory as we launch new projects,” Mr. Antonio added.

For the second half of the year, the company said it is planning to launch two more projects, which include the brand’s foray into the Visayas region.

During the first half, it launched its development project PHirst Park Homes Gapan in Nueva Ecija and opened PHirst Impressions Batulao in Nasugbu, Batangas.

“We are taking a very calculated stance in managing our leasing portfolio and high-rise vertical residential developments aligned with our view of a moderate and gradual growth for this segment of the industry,” the company said.

The properties would bring Century Properties’ active projects to 20, “on its way to achieving the programmed nationwide presence,” it said.

On Thursday, Century Properties closed unchanged at P0.34 per share. — Adrian H. Halili