Leading VisMin Developer Cebu Landmasters Inc. (CLI) sustained its growth momentum for the first nine months in 2022 resulting in a 43% year-on-year surge in revenues to Php10.96 billion driven by fast economic recovery in the region.
Over the same period, normalized net income to parent increased to Php2.2 billion or 34% more year-on-year from nine-month 2021’s Php1.64 billion, the remainder after tax adjustments for the year were factored out.
Set to exceed its 2022 growth target, the listed company posted revenue increases across all its market segments, with flagship economic brand Casa Mira registering Php5.03 billion in revenues or 49% more year-on-year and way above pre-pandemic levels.
CLI also reported record breaking Php6 billion Q3 reservation sales, the company’s highest quarter sales, driven by the two-tower Calle 104 which sold out in only 4 days.
The East Village at DGT, the first residential development in Davao Global Township also sold out its first 3 towers in less than a week, prompting the launch of the fourth tower. Phase 1 of Casa Mira Towers Palawan, CLI’s first project in a new expansion area in Puerto Princesa where the listed company already has a strong foothold, is now 92% sold.
During the first nine months of 2022, CLI launched 11 residential projects with a total project value of Php19.5 billion and are now 93% sold out. CLI chairman and CEO Jose Soberano III disclosed: “Most of our new projects were sold out in a matter of days attesting to the quick pace of recovery and strength of the VisMin market, our area of focus. Projects for all segments are immediately absorbed by the market.”
The firm’s growth in the next few years will be supported by its continuous expansion to other VisMin cities like Butuan where its most recent acquisition brought up its total landbank to 116 has.
In its recent briefing, CLI officials explained that “quality-built, cost-effective, value-for-money housing and well-planned communities” will continue to back CLI’s real estate sales, which accounts for the majority of CLI portfolio.
CLI executives continue to add measures to strengthen the company’s efficiency for the firm’s gross profit margins to remain stable at 45%. Operating expenses rose 25% year-on-year to Php1.59 billion impacted by its swift rollout of projects.
Currently, CLI has a total of 79 residential projects in different stages of development all over VisMin accounting for a sales value of Php107 billion and are 92% sold out.
Meanwhile, CLI successfully raised Php5 billion in its maiden bond offering in October at the Philippine Dealing and Exchange Corp. to finance its plans. The bond raise is part of the Php15 billion shelf registration to be utilized within three years. – BusinessNewsAsia.com