Top mass housing developer 8990 Holdings, Inc. reported that its consolidated net income grew 16 percent last year to P4.14 billion from the P3.58 billion earned in in 2016.

In a disclosure to the Philippine Stock Exchange, the firm said 2017 consolidated revenue was reported at P10.18 billion, 10 percent higher than the previous year’s P9.27 billion due to strong real estate sales.

Real estate revenues for the year grew 12 percent year-on-year to P10.17 billion from 2016’s P9.11 billion.

Meanwhile, 2017 rental revenue was at 10.9 million versus P12.2-million rental income for the year ended December 31, 2016.

Gross income for the year was at P5.66 billion or 13 percent higher than the previous year’s P5.0 billion as gross income margins expanded from 54 percent in 2016 to 56 percent by the end of 2017.

The firm said this is mainly due to its sound internal financial planning policies with respect to landbank acquisition and project budgeting process.

“We are extremely happy to end the year strong. The tremendous effort poured in by all of 8990’s employees and the strong support we continue to receive from the members of our Board has always been key to the Company’s success,” said 8990 President Willie J. Uy.

He added that, “we look forward to bringing 8990 to greater heights as we launch more large-scale projects that will surely strengthen our position in the affordable housing industry.”

In 2017, the Company delivered a total of 7,348 homes. Luzon contributed 54 percent of the total units delivered while Visayas and Mindanao brought in 34 percent and 12 percent, respectively.

On terms of value, Luzon generated 58 percent followed by Visayas with 33 percent and Mindanao with 9 percent. Contribution of Medium Rise Buildings (MRB) and High-Rise Buildings (HRB) to housing revenue increased from last year’s 26 percent to 47 percent.

Last year, 8990 launched a total of 23,661 units from seven projects across the country. Sales Reservation increased by 3 percent year-on-year to 8,387 units from 8,111 in 2016.

Reference Link: Manila Bulletin