DEVELOPER Century Properties Group Inc. posted 31-percent growth in its 2024 net income, to P2.44 billion from P1.86 billion in 2023, which it said was boosted by a pivot to affordable housing, particularly in the first-home market.
'We are very pleased with our 2024 performance, which reflects our commitment to operational excellence, successful project completions and effective debt management,' Century Properties President and CEO Marco Antonio said in a statement. The company said it achieved a banner year in 2024, with revenues growing 15 percent to P14.64 billion in the wake of the pivot. Revenues from the first-home segment surged to P9.9 billion from P7.
9 billion while interest-bearing debt was trimmed by 16 percent, which led the company to deliver a double-digit return on equity for common shareholders for the first time. '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,' Century Properties Chief Financial Officer Ponciano Carreon Jr. said.
Properties Net Up 31% In 'Banner' Year
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