Century Properties declares P463.7 million dividends 

Property developer Century Properties Group Inc. (CPG) on Wednesday declared regular and special cash dividends amounting to P463.7 million following a special meeting of its board of directors, according to a report by Manila Times.

The dividend payments will be released in two tranches, the firm told the stock exchange.

The first tranche, a regular cash dividend amounting to roughly P0.024 per common share, will be issued on August 12 to shareholders on record as of July 29.

The second, a special cash dividend of roughly P0.016 per share, will be paid out on October 14 to stockholders on record as of September 30.

The dividend payout ratio for the first tranche is 15 percent of the company's 2023 net income after tax, while that for the second tranche is 10 percent.

Century Properties reported a 2023 net income after tax of P1.86 billion, up 32 percent from the P1.4 billion recorded the previous year.

The recently topped off the third condominium tower of its Azure North master-planned development in San Fernando, Pampanga.

The Barbados Tower is expected to be finished by 2025 and will add an additional 820 units to the current 1,606 units from the first two towers, Monaco and Bali.

Azure North features a man-made white sand beach lagoon and wave pool, and is being built on the heels of the Azure Urban Resort Residences in Parañaque City.

CPG shares rose by 12.07 percent to close at P0.325 apiece on Wednesday.