Mass housing developer 8990 Holdings Inc. said net income in 2017 rose 16 percent to P4.14 billion from P3.58 billion in 2016 on double-digit growth in revenues.
8990 Holdings said in a disclosure to the stock exchange revenues increased 10 percent to P10.1 billion, slightly exceeding the P10-billion target for 2017.
Net income margin also expanded to 41 percent in 2017 from 39 percent in 2016.
“We are extremely happy to end the year strong. 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,” 8990 Holdings president and chief executive Willie Uy said.
Real estate revenues grew 12 percent to P10.17 billion from P9.11 billion in 2016, while rental sales stood at P10.9 million, slight lower than P12.2 million a year ago.
Gross income margins expanded 56 percent in 2017 from 54 percent in 2016 due mainly to sound internal financial planning policies with respect to land bank acquisition and project budgeting process.
The mass housing developer in 2017 delivered 7,348 homes, with Luzon contributing 54 percent of the total units, and Visayas and Mindanao adding 34 percent and 12 percent, respectively.
8990 also launched 23,661 units from seven projects across the country in 2017.
8990’s land bank as of end 2017 reached 510 hectares worth P52 billion and good for development over the next eight to 10 years.
8990 Holdings this year plans to launch five developments worth P60 billion across the country, expanding its geographically diversified real estate portfolio.
8990 Holdings plans to launch this year a P14-billion mixed-use residential and commercial development in Ortigas Extension.
Located along Ortigas Extension, Pasig City, the 13-hectare Urban Deca Homes Ortigas development will feature 24 residential buildings with 18,993 units and a shopping mall.
8990 Holdings also earmarked P3 billion in capital expenditures this year to finance the construction of planned high-rise residential projects and land banking activities.
Reference Link: Manila Standard