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.
The amount represents 78 percent of its full-2019 goal of P13.5 billion, it added.
8990 attributed the strong growth to its Urban Deca Homes in Manila project, which was able to sell five buildings in the 13-tower residential complex less than a year after its launch. This translated to P4.2 billion in revenues or 43 percent of total topline figures.
Per region, housing projects in Luzon accounted for the bulk of revenues at 71 percent. The Visayas is second at 21 percent and Mindanao at 7 percent.
8990 reported unrealized revenues of P3.6 billion as of end-September, P2.1 billion of which is expected to be realized.
Revenues are even expected to reach P20 billion next year with Urban Deca Home Ortigas beginning to contribute revenues.
The Ortigas project, which has 19,046 units, saw its sales reservations hit P1.5 billion in two months after its launch. 8990 sees P154 billion in sales from this property in the next years.
“This year is bittersweet for us. The passing of [Willibaldo “Willie”] J. Uy cast a shadow of unhappiness on the company that he loved so much. However, this has strengthened our resolve to continue the great work he did for the company,” said Alexander Ace Sotto, 8990 acting president and chief executive officer, who replaced Uy after the latter succumbed to a heart attack on October 15.
8990 shares climbed by 20 centavos or 0.20 percent to finish at P99.70 each on Thursday.
Reference Link: The Manila Times