The Manila Times

CLI posts P1.55-B H1 net income

ED PAOLO SALTING

CEBU Landmasters Inc. (CLI) achieved its highest first half net income performance of P1.55 billion, an increase of 40 percent versus its first half figure during 2021.

Real estate sales grew by 45 percent in the first six months of 2022 from P5 billion to P7.36 billion year on year as all other business units also continued to improve their performances as the firm fast-tracked construction and strengthened operations.

Gross profit margin was maintained at a healthy 45 percent as the company strongly mitigated inflationary pressures while sustaining 100 percent of its construction operations.

CLI’s economic housing brand Casa Mira accounted for the largest share of first half 2022 revenues.

Forty percent of first half 2022 revenues came from Cebu; with Davao following at 16 percent; Cagayan de Oro at 15 percent; Iloilo, 12 percent; and the rest from Ormoc, Bacolod, Dumaguete and Bohol.

The company’s first-half leasing business expanded by 20 percent year on year as both office demand and retail foot traffic saw a healthy rebound especially in Cebu.

CLI’s hospitality business registered a 271 percent growth as occupancy rates significantly improved again because of heightened tourism activity accompanied by increased mobility in the

Visayas-Mindanao region.

The firm’s capital expenditures rose by 42 percent in the first half of 2022 to P5.5 billion from last year’s P3.88 billion, with most of the amount earmarked for project development, while 22 percent was spent on land banking. CLI is also gearing up for its large-scale townships in Davao, Cagayan de Oro and Minglanilla in Cebu as these are now moving along at different stages of development.

The company also announced that it would increase its retail bonds offering to P8 billion from P5 billion with a P3 billion oversubscription. Strong interest from institutional buyers prodded the move.

The maiden retail bonds of CLI on the other hand, was rated “PRS Aa plus with stable outlook”by PhilRatings on the back of sound management and strategy with a sustained competitive advantage in the Visayas and Mindanao markets.

“We are on track to achieve another record year and there are several strong indicators for CLI to achieve its growth guidance of 20 percent this year. With our expanding portfolio and with our operations tailored to provide the strongest ‘ground game’ in the region, CLI is best-positioned to address the growing housing backlog while extending best-in-class turnaround times and customer service,” CLI Chairman and CEO Jose Soberano 3rd said.

Business Times

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2022-08-14T07:00:00.0000000Z

2022-08-14T07:00:00.0000000Z

https://manilatimes.pressreader.com/article/281870122220145

The Manila Times