CPG profit up 31% on premium and affordable residential units

LISTED real estate developer Century Properties Group, Inc. (CPG) posted a banner year after its net profit rose by 31% to P2.44 billion for 2024 from P1.86 billion in 2023, led by its premium residential and affordable housing segments.

Revenue increased by 15% to P14.64 billion last year, CPG said in a statement to the stock exchange on Thursday.

The first-home segment accounted for P9.9 billion in revenue, up by 34% from P7.4 billion in 2023, while its higher-end offerings contributed P3 billion. Its leasing and property management arms added P1.31 billion and P464 million, respectively.

CPG’s total assets increased by 3% to P55.9 billion while interest-bearing debt dropped by 16%.

“We are very pleased with our 2024 performance, which reflects our commitment to operational excellence, successful project completions, and effective debt management,” CPG President and Chief Executive Officer Marco R. Antonio said.

“Our focus on delivering affordable, quality homes continues to meet the strong demand across various market segments,” he added.

Mr. Antonio said last year’s growth came as CPG launched multiple affordable and premium residential projects in North and South Luzon, as well as in Visayas.

“The government’s infrastructure flagship projects — especially those boosting nationwide connectivity — will quickly drive progress and, consequently, increase the demand for quality homes across the country,” he said.

“Additionally, we ventured into the Visayas, bringing our promise of quality, affordable homes to more Filipino families,” he added.

Meanwhile, CPG Chief Financial Officer Ponciano S. Carreon, Jr. is optimistic about the company’s future growth, saying that the country’s favorable macroeconomic outlook is a potential tailwind.

“Our healthy financial position and key indicators will enable us to continue on our planned trajectory, with more than enough cushion to navigate persistent industry headwinds and increase value for our shareholders over time,” he said.

“Our positive outlook on current and expected domestic policies, along with the stable economic landscape, gives us high confidence in CPG’s expansion through organic growth, strategic acquisitions, and partnerships,” he added.

CPG shares rose by 3.39% or two centavos to 61 centavos apiece on Thursday. — Revin Mikhael D. Ochave