Cebu Landmasters posts 32% profit rise

By Ed Paolo Salting | The Manila Times
April 14, 2023

REAL estate developer Cebu Landmasters Inc. on Thursday reported a normalized net income of P3.17 billion for 2022, up by 32 percent from a year earlier, following growth across all business segments.

“Our 2022 performance is a testament to our growing commitment and leadership in the Visayas-Mindanao region.” Cebu Landmasters Chairman and Chief Executive Officer Jose Soberano 3rd said.

“We have been recording double-digit growth across all segments since our 2017 IPO (initial public offering),” he added.

“Finally, we are finally setting our sights on Luzon in the next two years.”

Strong sales and higher collections pushed the developer’s revenues up by 40 percent to P15.66 billion from P11.16 billion in 2021. Unrecognized revenue was said to have hit P29 billion.

The real estate business recorded 40-percent year-on-year revenue growth of P5.434 billion. Hotel revenues rose by 71 percent to P83 million while income from rental units improved to P79.28 million from P74.27 million.

The company said it was now focused on continued expansion on the back of optimism for strong economic growth and property demand in the Visayas-Mindanao region. A total of P29.75 billion worth of projects in the pipeline are expected to drive reservation sales in 2023.

Cebu Landmasters share price went down by 14 centavos to P2.49 on Thursday.