Century Properties 2012 earnings soar over 100%

MANILA, Philippines – Property developer Century Properties Group Inc. posted a net income of P1.86 billion in 2012, up over 114% from P866 million in 2011.

“Growth has been robust,” said Jose Carlo Antonio, CFO of Century Properties in a press briefing Friday, April 5.

The executive attributed the growth to record sales of the company’s master-planned communities.

Revenues totaled P9.60 billion, up 104% year-on-year, on the back a 16.6% growth in pre-sales to P21.4 billion in 2012, which overshoot its P20-billion target. 

Bulk of pre-sales came from the affordable housing segment at 43%, followed by the middle-income (33%) and luxury (24%) segments.

Luxury refers to property sold for over P7 million, and middle-income, between P3.5 million and P7 million. Affordable represents those sold for P1.5 million to P3.5 million.

According to Antonio, 74% of sales came from the international market, particularly from OFWs. These international sales are broken down into 30% from Asia, 15% from America, 12% Europe, 6% the UK, 5% from the Middle East and 6% from other countries.

Antonio announced that the company aims to hit pre-sales turnover of P30 billion, and post-tax profit of P3 billion by 2015.

In 2010, the company shifted from developing stand-alone projects to master-planned communities and in 2011, it listed itself on the Philippine Stock Exchange. Between 2010 and 2012, business tripled, said Antonio.

“The years 2010 to 2012 were a transformative 3 years… We introduced unprecedented development collaborations with global brands listed the company in the Philippines Stock Exchange, successfully raised equity capital thire since 211 raising a total of P5.6 billion expanded our relationship with 11 financial insittutions that have extended P6.6 ill and credit facilities and progessed from developing stand along project to master planned communities. Century is now well set fo the next pahse of its growth,” said Antonio.

According to Antonio their stage two strategy is to expand their business portfolio to include leasing income by allocating 100,000 square meters of land for commercial properties.

“The final part of our growth – we have now started to community and increased our visibility in both local and internaitonla markets. We have raise equity capital markets to 3 lines over the past 3 years and once per year rasing 5.6 billion in equity capital in aggregate,” Antonio added. 

Centuries Properties currently has 5 key projects in its portfolio, which comprises 31 buildings and 955 single-detached homes. These include:

• The Gramercy, with 14,000 units, 98% pre-sold.
• Knightsbridge Resident, due to be completed by the end of 2013, 98% pre-sold.
• Century Medical Makati, 84% pre-sold.
• Milano Residences, 87% pre-sold.
• Trump Tower Manila, 72% pre-sold.
• Aqua Private residences, 84% pre-sold.
• Azure Urban Resort Residences, with man-made beach resort amenities and beach club designed by Paris Hilton, 96% pre-sold. 
• Residences at Commonwealth in Quezon City. Now selling 5 out of 8 buildings. 92% pre-sold.
• Canyon Ranch, Cavite. 95% pre-sold.

– Rappler.com