8990 sees another banner year

MANILA, Philippines — 8990 Holdings Inc. sees rosy prospects for the housing sector now that the economy has recovered and interest rates have improved.

Company 8990 president and CEO Anthony Vincent Sotto told shareholders during the company’s annual stockholders meeting that last year’s revenues have surpassed pre-pandemic levels.

The company is allotting P8 billion in capital expenditures this year to fund growth and expansion.

“This achievement is a testament to the unwavering dedication and determination of our entire team,” Sotto said.

Last year, net profit grew by 6.08 percent to P7.65 billion as revenues rose by 6.28 percent to P21.64 billion.

In a press chat following the meeting, Sotto said that the housing sector is stronger and interest rates have improved.

He expects 8990 to hit yet another revenue milestone at the end of the year.

“With strong financials, a robust portfolio, and a talented team, we are prepared to seize the opportunities that await us in 2023 and beyond,” Sotto said.

Housing loan interest rates are now at six percent to seven percent from seven percent to eight percent previously.

This has been driving demand for affordable housing nationwide.

8990 Holdings delivered 11,145 new homes last year with the National Capital Region (NCR) accounting for 39 percent of the total, followed by North Luzon with 23 percent and Davao, 16 percent. loilo/Bacolod contributed 12 percent, while Cebu/Ormoc generated five percent and South Luzon, one percent.