Property developer Cebu Landmasters, Inc. (CLI) said it planned to expand operations to Luzon in the next two years as it continued to post a strong double-digit performance, with its net income increasing 32% to a new high of P3.171 billion in 2022.
This normalized net income took out a one-time tax adjustment due to the CREATE law. Net income after taxes also went up by 21% from P2.6 billion in 2021 while unrecognized revenue for future recognition stood at P29 billion.
This is on top of outstanding revenue collections of P15.657, a 40% increase from P11.162 in 2021, the company disclosed to the Philippine Stock Exchange on Thursday, April 13, 2023.
Revenues from real estate sales reached P15.439 billion in 2022, 40% higher than P10.996 billion in 2021, while hotel revenues surged 71% to P83 million last year. Revenues from rental units also increased 7% to P79.28 million as new tenants moved into the Latitude Corporate Center.
“Our robust 2022 performance is a testament to our growing commitment and leadership in the Vismin region. We have been recording double-digit growth across all segments since our 2017 IPO. We are finally setting our sights on Luzon in the next 2 years,” CLI chairman and CEO Jose R. Soberano III said.
He said they will start acquiring properties in Luzon this year.
The company launched nearly 5,000 units across 16 projects valued at a total of P19.36 billion. By the end of 2022, these projects were 74% sold. Some projects were fully sold within days.
Its economic housing brand Casa Mira, which continued to post strong sales even at the height of the covid-19 pandemic, accounted for the largest share of revenues at 47%, followed by the mid-market Garden Series at 27%, and the high-end Premier Masters at 24%.
For 2023, CLI will open three hospitality projects this year: The Pad at Banilad High Street in Cebu City, lyf Cebu City at Base Line Center, and Citadines in Bacolod City.
The retail pads and convention center at the Davao Global Township will provide an additional 4,000 square meters of gross leasable area, potentially boosting the company's leasing revenues
A total of P29.75 billion worth of projects are expected to drive reservations sales this year, the company added.
CLI earlier declared regular and special cash dividends of P0.15 and P0.03 per share, or a total estimated amount of P624 million, 20% higher than the P520 million paid to stockholders last year. The recently declared dividends have a record date of April 18, 2023 and will be paid on April 28, 2023. (MVI/Ventures Cebu)