Property developer in Vismin
MANILA, Philippines — Cebu Landmasters Inc. (CLI) is eyeing to expand in Luzon after establishing leadership in Visayas and Mindanao and reporting a record net income of P3.17 billion last year.
Last year’s performance reflected a 32 percent growth as the company raked in revenues of P15.657 billion, up 40 percent from P11.162 billion a year earlier.
Despite the surge in CLI’s topline, the company’s recognized revenue for future recognition still stood at P29 billion.
CLI chairman and CEO Jose Soberano III said the company’s robust 2022 performance is a testament to its growing commitment and leadership in the VisMin region.
Against this backdrop, he said, the company is now ready to expand in Luzon within the next two years.
“We have been recording double-digit growth across all segments since our 2017 initial public offering. We are finally setting our sights on Luzon in the next two years,” he said.
For its Luzon entry, CLI will already start building up its land bank this year.
Real estate sales revenue recorded a 40 percent year-on-year growth to P15.439 billion, mainly driven by significant construction progress.
CLI launched close to 5,000 units across 16 projects, worth P19.36 billion collectively, which was 74 percent-sold by the end of 2022. Sales of these launches hit peak levels with most developments fully taken up within days. CLI’s first project in Puerto Princesa was 85 percent sold in less than a week.
Hotel revenue grew 71 percent to P83 million iwhile revenues from rental units also improved with a seven percent growth to P79.28 million on increased lease contracts and new tenants from the recently-completed Latitude Corporate Center.
Casa Mira, the company’s economic brand, accounted for the largest share of revenues at 47 percent, followed by the mid-market Garden Series with 27 percent, and the high-end Premier Masters at 24 percent.