CPG profit soars 31%

MANILA, Philippines — Earnings of Century Properties Group Inc. (CPG) surged in 2024 on the back of a strong first-home market and continued momentum in the company’s premium residential business segment.

The Antonio family’s listed property developer reported a 31-percent jump in net income to P2.44 billion in 2024 from P1.86 billion in 2023.

Its top line rose by 15 percent to P14.64 billion, with revenues from the first-home segment reaching P9.9 billion.

CPG’s higher-end offerings contributed P3 billion, while its leasing and property management arms added P1.31 billion and P464 million, respectively.

“We are very pleased with our 2024 performance, which reflects our commitment to operational excellence, successful project completions and effective debt management. Our focus on delivering affordable, quality homes continues to meet the strong demand across various market segments,” CPG president and CEO Marco Antonio said.

“The year also saw CPG aggressively expanding its geographical reach with the launch of multiple projects in North and South Luzon across both the first-home and premium markets. Additionally, we ventured into the Visayas, bringing our promise of quality, affordable homes to more Filipino families,” he said.

Antonio said that CPG is committed to capitalizing on emerging opportunities and fulfilling the aspirations of homeowners with the company’s Century-branded developments.

“The government’s infrastructure flagship projects – especially those boosting nationwide connectivity – will quickly drive progress and, consequently, increase the demand for quality homes across the country,” he said.

CPG chief financial officer Ponciano Carreon Jr. said that favorable macroeconomic outlook is a tailwind for the company’s future ambitions.

“Our positive outlook on current and expected domestic policies, along with the stable economic landscape, gives us high confidence in CPG’s expansion through organic growth, strategic acquisitions, and partnerships,” Carreon said.

“Our healthy financial position and key indicators will enable us to continue on our planned trajectory, with more than enough cushion to navigate persistent industry headwinds and increase value for our shareholders over time,” he said.