8990 Holdings Inc. aims to generate P20 billion in revenues by 2020 after reporting that its net income surged by 38 percent to P3.4 billion in the first nine months of 2018 from P2.45 billion in the same period last year.

In a disclosure on Thursday, 8990 President Willibaldo Uy said the fact his company “have experienced a great year confirms that we will meet or exceed our full year targets.”

“With our line-up of nationwide developments and increasing construction, we see revenue doubling to P20 billion in 2020 from 2017 revenues,” he added.

The listed property developer said its revenues rose by 41 percent to P8.6 billion in January to September from P6.13 billion a year ago.

Its gross profit margin also expanded to 55 percent from 53 percent in the first three quarters in 2017.

Net income margin grew by 40 percent, surpassing the firm’s target of 38 percent in January.

“In 2017, we began ramping up [our] receivable-liquidation activities. Our main goal was to make 8990 less dependent on debt and have enough left to ensure the future growth of the company through land acquisition,” Uy said.

8990 currently has a total landbank of 540 hectares, which is expected to generate some P154 billion in sales over the next decade.
It targets to launch projects worth P60 billion this year to boost revenues.

Shares of 8990 dipped by 4 centavos to end at P7.34 apiece on Thursday, bucking the PSE index’s 0.03-percent gain.

Reference Link: The Manila Times