Cebu Landmasters Inc., a listed property developer headquartered in central Philippines, said Thursday net income after tax in 2022 rose 21 percent to P2.6 billion on the back of strong real estate sales and growing hotel operations.
CLI said normalized net income, which excludes one-time tax adjustment due to the CREATE Law, surged 32 percent to a record P3.171 billion.
Revenue last year, mainly from real estate sales, jumped 40 percent to P15.657 billion from P11.162 billion. Revenue for future recognition stood at P29 billion.
“Our robust 2022 performance is a testament to our growing commitment and leadership in the Vismin (Visayas-Mindanao) 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 chief executive officer Jose Soberano III said in a statement.
Real estate sales increased to P15.44 billion last year from P10.99 billion in the previous year as construction hit full swing across all CLI project sites in 16 key cities in the Visayas and Mindanao. It launched 5,000 units worth P19.36 billion across those 16 projects, with 74 percent sold by the end of last year.
Sales velocity hit peak levels with most developments fully taken up within days. CLI’s first project in a new area, Puerto Princesa, for instance, was 85 percent sold out in less than a week.
Hotel operations saw revenue rise 71 percent to P83 million while earnings from rental units increased 7 percent to P79.3 million.
After a strong performance in 2022, CLI expect continued expansion in 2023 as strong growth in the Visayas and Mindanao would likely sustain demand.
The company said it is also laying the groundwork for an expansion to the main island of Luzon, with land banking activity to start this year.
The board of CLI earlier declared regular and special cash dividends of P0.15 and P0.03 per share, respectively, which total around P624 million, up 20 percent from P520 million in dividends paid last year.
