Cebu Landmasters Inc. (CLI), a listed property developer in the Visayas and Mindanao regions, has announced a significant increase in its financial performance for the year, with a 29% year-on-year growth in consolidated net income, reaching P4.64 billion.
This robust growth is also reflected in the net income to shareholders, which rose by 13% to P3.58 billion, up from P3.17 billion the previous year.
This financial uptick is attributed to a solid 20% increase in consolidated revenue, which hit P18.8 billion across all revenue streams.
The surge is primarily driven by real estate sales, which rose to P18.5 billion, alongside gains in hotel operations and leasing activities.
The company’s effective strategy and strong demand for its residential properties have been key to this success, with real estate sales maintaining an upward trajectory thanks to consistent collections and construction progress.
In 2023, CLI launched 10 new projects valued at P18.7 billion, providing 4,249 units to the market. These projects achieved a remarkable 63% sell-out rate in less than a year, contributing to a blended total portfolio sell-out rate of 93%.
The company also celebrated record-breaking reservations worth P20.6 billion, a 14% increase from 2022, highlighting the strong demand for CLI’s properties.
The company’s recurring income projects, particularly in hotel operations and leasing, witnessed impressive growth rates.
Hotel operations grew by 66% to P139 million, and leasing increased by 42% to P112 million. CLI has expanded its hospitality portfolio significantly, now boasting nearly 800 room keys and seven more hotel projects underway, poised to drive future revenue growth in this sector.
Capital expenditures for the year totaled P12.9 billion, with the majority allocated to project development. Reflecting its strong financial performance and commitment to shareholder value, CLI’s Board of Directors approved a regular dividend of P0.15 centavos per share and a special dividend of P0.03 centavos per share, to be distributed in May 2024.
Further bolstering its financial strategy, CLI commenced the public offering of its preferred shares, aiming to raise PHP 5 billion to fund strategic initiatives and expansion projects.
This move is accompanied by a groundbreaking joint venture agreement with Japan’s NTT UD Asia to develop a Japanese-inspired residential complex in Cebu IT Park, marking CLI’s first international partnership.
Looking ahead, CLI plans to continue its growth trajectory with new developments worth P27 billion and has earmarked P14.5 billion for capital expenditure in 2024. This includes strategic land acquisitions for expansion, particularly in Luzon.
CLI Chairman and CEO Jose Soberano III expressed optimism about the company’s growth initiatives and international partnership, emphasizing CLI’s commitment to delivering exceptional value to stakeholders and expanding its business footprint beyond the Visayas and Mindanao regions. – CebuLifestyleChannel.ph