Cebu Landmasters, Inc. (CLI), reported a strong Q1 2023 financial performance, with consolidated revenues increasing by 33% to P4.78 billion, up from P3.58 billion in the same period last year.
The company’s net income to parent reached P888 million, a 10% YoY growth, while Q1 consolidated net income rose by 43% to P1.17 billion.
The robust financial performance was driven by growth across all business units, with real estate sales revenue growing 33% to P4.71 billion, reservation sales take-up rising 16% YoY to P5.22 billion, and hotel operations recovering with a YoY growth of 79% to P29 million.
CLI senior executive vice-president and COO, Jose Franco Soberano, attributed the remarkable Q1 financial performance to double-digit expansions in sales, hotel operations, leasing, and management fees.
He expressed confidence that the strong start would set the tone for the rest of 2023, reinforcing CLI’s position as a leading developer in VisMin and a significant contributor to Philippine real estate.
CLI’s leasing business and property management arm, Cebu Landmasters Property Management (CLIPM), also experienced growth of 22% and 27% respectively. CLI plans to open three new hospitality projects in 2023, which are expected to significantly contribute to the company’s hotel revenue.
With a total of 657 keys to be managed by the end of the year, this marks a more than threefold increase from the 180 rooms in 2022.
Additionally, CLI aims to complete over 46,008 sqm of gross leasable area (GLA) in the next two years, further expanding its commercial leasing business.
With 19 residential projects valued at Php29.75 billion in the pipeline, CLI is set to continue its growth throughout 2023. The company’s commitment to shareholder value was recently demonstrated by a dividend declaration of Php0.18 per share on April 28. – BusinessNewsAsia.com