Century Properties (CPG) Q4 2024 earnings summary

Executive summary

• Revenue grew 15.3% year-over-year to ₱14.64B, driven by strong real estate sales and robust performance in the affordable housing segment, which contributed 68% of total revenues in 2024, up from 58% in 2023.

• Net income increased 31.7% to ₱2.44B, with EPS rising to ₱0.20 from ₱0.11, reflecting improved margins and operational efficiency.

• The company completed 4,560 homes in 2024, benefiting over 23,000 people, and expanded its affordable housing and commercial leasing footprint.

• Preferred shares (CPGPB) were issued and listed, raising ₱2B, and ₱3B in bonds were redeemed.

Financial highlights

• Gross profit margin improved to 48% from 47% year-over-year.

• Net profit margin rose to 16.7% from 14.6% year-over-year.

• Return on equity increased to 11.5% (from 8.4%), and return on assets to 4.4% (from 3.4%).

• Current ratio improved to 2.4x (from 2.1x), and debt-to-equity ratio decreased to 0.8x (from 1.0x).

• EBITDA reached ₱4.36B, up from ₱3.37B, with debt-to-EBITDA improving to 3.9x (from 5.9x).

Outlook and guidance

• Management expects continued growth in affordable housing and commercial leasing, with a focus on geographic diversification outside Metro Manila.

• The company is targeting further expansion of its PHirst brand, with 26 master-planned communities and over 33,000 units launched as of year-end.

• The Board reaffirmed its annual cash dividend policy and declared ₱463.7M in dividends for common shares in 2024.