CPG posts 27% H1 revenue growth to P6.7B

CENTURY Properties Group (CPG), headed by founder and Executive Chairman Jose EB Antonio, announced sustained growth in its consolidated revenues for the first semester (H1) of 2023 that reached P6.7 billion, 27 percent higher compared to P5.3 billion in the same period in 2022.

The revenue growth for H1 2023 was driven by the strong contribution of CPG’s FirstHome residential brand (PHirst), amounting to P3.5 billion, or 52 percent of CPG’s consolidated revenues, an expansion from its 48-percent share, amounting to P2.6 billion in H1 2022.

The remainder of the revenues for H1 2023 came from in-city vertical developments, commercial leasing and property management segments, which contributed P2.4 billion, P670 million and P217 million, respectively.

“The demand for quality and strategically located first homes has proven to be resilient and even stronger, and CPG was wellprepared to serve this market with its First-Home brand. We aim to maintain this growth trajectory as we launch new projects,” CPG President and Chief Executive Officer Marco Antonio said.

CPG’s total earnings before interest, taxes, depreciation, and amortization (ebitda) also notably increased by 26 percent to P1.5 billion in H1 2023 from P1.2 billion in H1 2022. This could be attributed mainly to high-margin projects and improved operating efficiencies.

Net income after tax for H1 2023 increased by 20 percent to P656 million from P548 million in H1 2022.

“Our financial and operating results for the first half of the year are comparable if not better than the pre-pandemic levels, which puts us in a very good position to pursue opportunities in this growing and robust segment of the industry through organic growth, acquisitions or consolidation,” CPG treasurer and Chief Financial Officer Ponciano Carreon Jr. said.