8990 profit soars 63% in 9 months

MANILA, Philippines — 8990 Holdings notched a hefty 63.3 percent profit growth in three quarters this year, keeping it on track to eclipse its pre-pandemic numbers as the recovery of the real estate sector gains more traction.

The property developer earned P5.4 billion from a 58 percent hike in sales to P15.4 billion in nine months. In the third quarter alone, net income went up 6.6 percent to P1.9 billion as real estate sales rose 11 percent to P4.8 billion.

“Our outstanding results, both for the third quarter of 2021 and for the first nine months of the year, definitely show an increase in confidence for the future from our core market of first-time homebuyers and end-users,” 8990 Holdings president and CEO Anthony Vincent Sotto said.

“The administration’s efforts toward vaccinating our countrymen against the ongoing pandemic and its dire economic effects over the past 1-1/2 years are starting to bear fruit.”

He said with the latest results, the company is set to surpass its pre-pandemic performance levels within the last quarter of the year.

8990 Holdings registered P15.401 billion total revenues in 2019, which the company is close to achieving as it has registered P15.352 billion total revenues in just nine months.