MANILA, Philippines — Mass housing developer 8990 Holdings Inc. had sold P5 billion worth of contract-to-sell (CTS) receivables to a local financial holding firm. In a disclosure to the Philippine Stock Exchange, 8990 said the receivables were sold to Dearborne Resources and Holdings Inc. The transaction was funded by China Banking Corp.
MASS HOUSING developer 8990 Holdings, Inc. reported 36% increase in its net income in the third quarter, driven by rising sales from its affordable housing development. In a regulatory filing, the listed property developer said it booked a net income of P1.389 billion in the three-month period ending September from P1.018 billion a year ago.
8990 Holdings Inc. has achieved many milestones for the past 16 years. However, none of these successes would have been possible without the leadership of the late Willibado “Willie” Uy who was president and chief executive officer (CEO) of 8990 from January 2018 to October 2019.
8990 Holdings Inc. is close to hitting its full-year revenue target after registering double-digit growth in its topline figures in the first nine months of 2019. In a disclosure on Thursday, the listed property developer said its revenues grew by 22 percent to P10.5 billion in the January-to-September period from P8.6 billion a year ago.
Mass housing developer 8990 Holdings is seen on track to deliver at least P5 billion in net profit this year after posting an 18-percent net income growth in the first semester. Based on the company’s net margin target of 37.5 percent and the projected revenues of P13.5 billion, full-year net profit will reach P5.06 billion, up by 8.35 percent from the bottom line last year. In the first semester, 8990 Holdings posted P2.82 billion in net profit compared to P2.39 billion the previous year. The growth was driven by higher revenues unlocked from its flagship project, Urban Deca Homes (UDH) Manila, a 13-tower residential complex in Tondo, Manila.
LISTED 8990 Holdings Inc. reported on Thursday that its consolidated net income jumped by 18 percent to P2.82 billion in the first six months from P2.39 billion year-on-year on the back of higher revenues. In a disclosure, the property developer said these revenues rose by 17 percent to P7.01 billion from P6 billion in the January-to-June period in 2018. “Rising demand for affordable housing in the country has allowed us to sustain our revenue growth in the first half of 2019,” 8990 President Willie Uy said in the disclosure, expressing confidence that the firm would meet its P13.5-billion revenue target for this year.
Mass housing developer 8990 Holdings Inc. said Thursday first-half net income rose 18 percent to P2.82 billion from P2.39 billion year-on-year on sustained strong demand for its affordable housing units. 8990 Holdings said in a disclosure to the stock exchange six-month consolidated revenues also climbed 17 percent to P7 billion on increased sales from the capital region, Iloilo and Bulacan. The property firm said total housing units delivered reached 4,934 units during the first half of the year, up 19 percent year-on-year.
Mass housing developer 8990 Holdings Inc. is optimistic of exceeding its revenue target of PHP13.5 billion this year after its net income surged by 18 percent in the first half. “I think we will even surpass that based on the sales tempo, it’s really doing well,” company President and Chief Executive Officer Willie Uy told reporters Thursday on the sidelines of a briefing on its first six-month earnings. He noted their housing projects in the province have been showing “very good sales” even during July and August which are rainy months. To meet strong demand, Uy bared the company aims to launch this second half of 2019 three housing projects located in Meycauayan, Bulacan; Talomo, Davao City; and Leganes, Iloilo.
8990 Holdings Inc. has seen its stock price surging by nearly 100 percent since the start of this year, with analysts crediting its strong financial performance as having boosted investor sentiment. The listed mass-housing developer increased its share price by 94.2 percent to P15.98 last Friday, compared with P8.23 on January 2. It hit a new 52-week high of P16.40 ..
8990 Holdings, one of the fastest growing real estate developers in the Philippines, expands its partnership with Megawide Construction Corp. with the signing of a contract to build its newest housing project in Meycauayan, Bulacan. “We are delighted to extend our partnership beyond just vertical developments. With the addition of Deca Homes Meycauayan to our list of projects with Megawide, we are certain that we will be able to deliver quality homes to every hardworking Filipino,” said 8990 Holdings President and Chief Executive Officer Willie Uy.