Cebu developer reports higher 2023 income 

Cebu Landmasters Inc. (CLI) earned P4.6 billion in 2023, up 29 percent from the P3.6 billion booked a year earlier, on the back of robust real estate sales.

Net income attributable to the parent's equity holders also grew, by 13 percent to P3.58 billion from P3.17 billion, the company said in a regulatory filing.

"Our consistent growth fuels our vision to strengthen the company's current offerings and expand beyond [Visayas and Mindanao]," CLI Chairman and Chief Executive Officer Jose Soberano 3rd said in a statement.

CLI said its consolidated revenues last year expanded by 20 percent year on year to P18.8 billion, following improvements across all segments and mainly from real estate sales.

It noted that it also saw strong demand for its residential properties and its "diverse and dynamic business portfolio."

Real estate sales were said to have grown by 20 percent to P18.5 billion due to stable construction progress and consistent collections, while reservations climbed by 14 percent to P20.6 billion from P18 billion for "record-breaking" results.

Revenues from hotel operations were up 66 percent to P139 million, while the leasing business soared by 42 percent to P112 million.

CLI said actual spending last year amounted to P12.9 billion, 82 percent of which was allocated for project developments, 12 percent for investments, and 6.0 percent for land acquisitions.

The property developer launched 10 projects in 2023, with a combined value of P18.7 billion and offered 4,249 units.

CLI is looking to develop new projects worth a total of P27 billion this year, which includes expansion in provincial areas. It is also setting aside P14.5 billion for capital expenditures, with a portion earmarked for land acquisition.

"The company's strong financial performance, diversified revenue streams, strategic expansion initiatives, and robust pipeline of upcoming projects position the company for continued growth and success in the coming years," it said.

CLI on Tuesday started the public offering of up to P5.0 billion worth of preferred shares. The offer period runs until April 2, and the listing is scheduled for April 12.

Proceeds of the issuance will partially finance the company's project development, capital expenditures in various projects, and other general corporate purposes.

Cebu Landmasters shares remained unchanged at P2.85 apiece on Wednesday.