8990 targets P23 billion revenue this year

MANILA, Philippines — Listed mass housing developer 8990 Holdings Inc. is targeting to hit P23 billion in gross revenue this year, or 15 percent higher than the P20 billion recorded in 2021.

The company set the higher target despite the challenges brought by the lingering pandemic and the super typhoon that damaged one of its key markets, the Visayas region.

Last year, 8990 recorded a 41 percent top line growth from  the P14.2 billion  posted  in 2020 which was the height of the pandemic.

8990 president and  CEO Anthony Vincent Sotto said the latest results reflect the strong demand for affordable housing, the optimism of buyers in the economy and their confidence in the stability of their future revenue streams.

“8990 has defied all odds,” he said.

The latest results are about 30 percent higher than the pre-pandemic revenue of P15.4 billion, thus suggesting that 8990’s key market of mainly first-time homebuyers is well on the way to recovery.

For the full year, 8990 delivered 11,564 more homes to Filipino buyers. In terms of actual values, the company registered a 41 percent jump to 59 percent, split between their vertical (condominium) and horizontal developments.

However, in terms of the number of units, mass housing or horizontal projects delivered 55 percent of total homes delivered for the year versus the 45 percent brought in by vertical projects.

Moving forward, Sotto said 8990’s massive landbank of 729.05 hectares located in strategic areas nationwide could  deliver the projected revenue growth for the year.

It will bolster the company’s ultimate goal to reach  P164 billion in sales for the next seven to eight years

The company also extended its support to areas affected by Typhoon Odette which hit the Visayas region last December 16 and caused major damage in several provinces.

8990’s property administrators said  only less than 10 percent of the company’s built structures were affected.