Century Properties posts 32% profit growth

Century Properties Group Inc. (CPG) reported a 32-percent increase in net income after tax (NIAT) to P2.44 billion in 2024, up from P1.86 billion in 2023, driven by robust demand in the first-home market and its premium residential segment.

The company's revenue rose 15 percent to P14.64 billion, CPG said in a statement.

Revenue from its first-home segment surged to P9.9 billion from P7.4 billion a year earlier. Its premium residential segment contributed P3 billion, while 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," said Marco Antonio, president and CEO of CPG.

The company said it expanded its geographical reach with new projects in North and South Luzon, and ventured into the Visayas region.

Antonio also highlighted the synergy between government infrastructure investments and CPG’s regional growth strategy.

CPG's total assets grew 3% to P55.9 billion, while interest-bearing debt fell 16 percent. The company said it achieved a double-digit return on equity (ROE) for common shareholders.

"The confluence of the management’s prudent balance sheet handling, operating efficiency initiatives, and sensitivity to market needs allowed Century to achieve strong financial results in 2024," said Ponciano Carreon Jr., chief financial officer of CPG.

Carreon cited a favorable macroeconomic outlook as a tailwind for CPG’s future ambitions.

The company said it would focus on scale and reach through a strategy that blends affordable and aspirational living in underserved growth corridors.