Century Properties reports 16% profit growth in first quarter

Century Properties Group Inc (CPG) said Tuesday its net income after tax (NIAT) grew 16 percent to P473 million in the first quarter of 2025 from P410 million in the same period a year earlier.

The property developer said in a statement consolidated revenues also rose 4 percent to P3.724 billion from P3.579 billion.

CPG attributed the revenue growth to its PHirst residential developments segment, which contributed P2.237 billion, or 60 percent of total revenues. The premium residential developments segment accounted for 32 percent with P1.175 billion. The remaining revenue came from commercial leasing and property management, contributing P181 million and P130 million, respectively.

"Our first-quarter performance reflects the successful completion of key residential projects, strong sales take-up across our developments, and continued gains in operational efficiency," said CPG president and CEO Marco Antonio. "We also benefitted from improved financial discipline and debt management, allowing us to reduce interest expenses and enhance profitability."

Earlier this year, CPG launched its first mid-rise residential development at Azure North in San Fernando, Pampanga, along with new resort-style amenities. The second phase of this community will include a waterpark, four more mid-rise buildings and 49 townvillas. The first tower, Mykonos, launched in February 2025 and is expected to be completed by 2027.

In March 2025, CPG also unveiled Century PHirst Centrale Batulao, a 142-hectare mixed-use estate in Batangas designed around the “15-minute city” concept. The company also reached a milestone with its PHirst brand, completing 15,000 homes and turning over 10,000 units to first-home buyers.

CPG's earnings before interest, taxes, depreciation, and amortization (EBITDA) increased by 14 percent to P988 million from P865 million in the first quarter of 2024. The company cited a gross profit margin of 46 percent, sustained contributions from the PHirst segment, and lower borrowing costs as drivers.

As of March 31, 2025, CPG’s total assets grew to P57.736 billion, while total liabilities stood at P35.233 billion, resulting in stockholders’ equity of P22.503 billion.

The company's debt-to-EBITDA ratio improved to 4.1x from 5.0x, and its debt-to-equity ratio declined to 0.7x from 0.8x.

"As we scale across both affordable and premium segments, we remain committed to our mission of serving the end-user market with thoughtfully designed and sustainable communities," Antonio said. "Our strong first quarter results demonstrate our operational agility, solid market fundamentals, and our confidence in the country’s long-term housing demand."