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Cebu Landmasters income up 28% to Php3B in January-September

November 16, 2023

REGIONAL property developer Cebu Landmasters Inc. (CLI) on Tuesday said its income in January to September rose 28 percent to P3 billion from P2.4 billion recorded in the same period last year.

All of CLI’s business segments recorded double-digit revenue growth, pushing its gross revenues to P13.27 billion, or by 19 percent from the previous year’s P11.1 billion.

“We are very pleased with our performance this year, achieving double-digit profit expansions in the last three quarters despite the headwinds of inflation and higher interest rates in the country. This underscores CLI’s commitment to providing value to shareholders and affirms the sustainability of our growth trajectory,” CLI Chairman and CEO Jose Soberano III said.

Across segments, CLI’s real estate unit continued to be the primary driver of the company’s revenue, the company said.

The sector posted a 17-percent increase, propelled by ongoing construction progress and higher units that qualify for revenue recognition.

CLI’s sales also surged 25 percent to reach P17 billion during the period. Casa Mira, CLI’s flagship economic brand, accounted for 52 percent of total sales, underscoring the continued strong demand for housing in the economic market.

The company launched 3,664 units valued at P14.87 billion as of end-September, contributing to 93 percent sell-out status for all projects in various stages of development.

CLI’s hotel portfolio revenue surged 78 percent during the period, fueled by both higher room rates and increased occupancy.

Its leasing business saw a 43-percent increase in revenue, driven by a 71-percent rise in occupancy rates. This was attributed to upcoming handovers in strategic locations like Davao Global Township and 38 Park Avenue, along with other prime commercial spaces nearing completion.

Throughout the year, the company spent a total of P10.4 billion in capital expenditures, mostly allocated to project development. A notable investment was the acquisition of a 21-hectare land in the city of General Santos, planned to be developed as economic and mid-market communities.

Meanwhile, Colliers International’s recent real estate market study affirms CLI’s continued market leadership in the Visayas and Mindanao. As the foremost developer, the listed company holds the highest market share at 23 percent in net take-up.

“We are honored to be of service to our primary market, the VisMin region,” Soberano said. “Rest assured, we remain committed to fulfilling our promise of customer-centric development. Our achievements inspire us to continually enhance our services for all stakeholders.”

Looking forward, CLI has entered into a partnership with NTTUDA, a major Japanese developer known globally for commercial properties, including office buildings, residences, and mixed-use developments. This is the listed company’s first foreign joint venture partnership and is geared towards the development of premium-grade residential towers in the heart of Cebu City. – by VG Cabuag


Published in BusinessMirror