Century Properties (CPG) Q3 2024 earnings summary

Executive summary

• Revenue for the nine months ended September 30, 2024, rose 11.3% year-over-year to ₱10.79 billion, driven by higher real estate sales and increased interest income from receivables.

• Net income surged 38.1% year-over-year to ₱1.80 billion, reflecting improved gross profit and higher interest and other income.

• The first home segment, led by Phirst Park Homes, contributed significantly to revenue growth, with ₱6.9 billion in revenues.

• Preferred shares and bonds were issued and proceeds used for debt repayment and project development.

Financial highlights

• Gross profit increased 14.3% year-over-year to ₱5.02 billion, with gross margin improving to 47%.

• General, administrative, and selling expenses rose 3.2% to ₱2.47 billion.

• Interest and other income grew 37.4% to ₱865 million, mainly from higher interest on short-term investments.

• Total assets increased 2.7% to ₱56.86 billion from December 2023.

• Total liabilities slightly decreased by 0.3% to ₱34.98 billion.

Outlook and guidance

• Management expects continued growth in the first home segment and stable performance in leasing and property management.

• No material trends or uncertainties are expected to impact liquidity or operations, aside from ongoing pandemic effects.