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Century aims P3-B net income

Century Properties Group, Inc. is aiming to hit a net income of P3 billion and presales of P30 billion by 2015 after doubling its profits in 2012 to P1.86 billion from P866 million in 2011.

In a press and analysts briefing, Century Executive Chairman of the Board Jose E. B. Antonio said 2012 was a breakout year for the company on the back of the record sales performance of its master-planned community developments in Metro Manila.

Antonio also attributed this to the successful implementation of an initial three-year growth plan from 2010 to 2012 that catapulted the Century brand into becoming a formidable player in the property industry.

Century chief financial officer Jose Carlo R. Antonio said that the sustained year on year upward trajectory of pre-sales, revenues and net income, as well as its ability to secure financing from both the equity and credit markets, have successfully laid the foundation for Century’s second stage of growth.

“The years 2010 to 2012 were a transformative three years for us. On top of Century’s financial growth, we also achieved other key milestones. Quite notably, we established an industry-leading international sales platform and created a balanced portfolio of developments for the luxury, middle-income and affordable segments,” he said.

Antonio said “Century is now well set for the next phase of its growth” adding that the second phase includes expanding the firm’s business portfolio into leasing income by allocating land for over 100,000sqm of commercial properties, as well as develop projects in key growth cities outside Metro Manila.

The commercial properties will consist of 32,000 sqm for its retail mall and 70 percent for office buildings. The firm is also planning to expand to the tourism business by developing hotels and targets to have at least 7,000 sqm in hotel properties.

Antonio said they already have a shortlist of areas with existing infrastructure where they want to develop three to five-star hotels that will be managed by experienced hotel managers. These areas include the Bicol region.

Century’s 2015 targets are backed by P110 billion worth of inventory, P70-billion projects under landbank, and P40-billion existing projects launched and unsold as well as unlaunched projects, said Antonio.

Century’s pre-sales data indicated that it pre-sold P21.4 billion in 2012, a 16.6 percent growth over its P18.4 billion pre-sales in 2011, with an industry leading 74 percent coming from the international market.

Broken down, 24 percent, 33 percent and 43 percent of 2012 pre-sales were from the luxury, middle income, and affordable markets, respectively.

Total revenues for the year ended December 31, 2012 amounted to P9.60 billion, an increase of 104 percent from the year before.

“With a healthy economic backdrop underscored by the recent upgrade of the Philippines to investment grade, we are 92% sold on 13,370 units we have opened for sale, and are set to complete 6 buildings with 375,093 sqm by December 2013 alone. Our optimism remains very high for the property sector,” Jose Antonio said.

Source: Manila Bulletin | April 8, 2013


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