Cebu Landmasters post 66% profit increase in H1 despite continued surge

August 17, 2021August 17, 2021 Migo V. 0 Comments Cebu Landmasters Inc., CLI

Buoyant housing demand in VisMin propels Cebu Landmasters’ 2021 H1 profit to Php1.32B

Homegrown developer Cebu Landmasters Inc. announced it is set to surpass its growth targets for the year with net income to parent rose from Php 792 million to Php 1.32 billion in the first six months as the company continues its robust uptrend in financial performance.

The significant increase in profit was driven by exceptional revenue growth from Php 3.5 billion to Php 5.1 billion derived from real estate sales.

The listed firm further confirmed that construction activity in its ongoing project sites is now on average 97%. It is in full swing in major sites like Cebu, Dumaguete and Bohol while others post activity at 90% and higher, hampered only by quarantine restrictions.

Strong and stable demand for safe and quality homes due to the pandemic, from buyers across the spectrum pushed reservation sales up 12% to a record Php 8.3 billion from Php 7.4 billion year-on-year. Six residential projects worth Php 11 billion bearing CLI’s economic, mid- and high-end brands were launched in H1 2021 in Cebu, Iloilo and Ormoc.

To date, CLI has 40 completed projects while 36 are under construction and 14, in the pipeline.

CLI is proactively launching new projects to ensure adequate inventory to serve strong market segments, said Jose Soberano III, CLI CEO. “Housing has proven to be resilient and sustainable since it is now, more than ever, considered a basic need especially with the extended pandemic.”

The company showed strong resiliency in 2020 and into 2021, being able to thrive in the midst of lockdowns and economic impact of the pandemic. Quickly adapting to the new normal, Soberano further emphasized: “We spot opportunities in the middle of all these challenges. The low-interest rate environment and tax measures that favor mid- and economic home buyers inspire us to persist in executing our project plans with agility and excellence. We are anticipating to exceed our year-end guidance by the end of the year.”

“We intend to continue benefiting from our core business – housing – while preparing for new opportunities that global recovery and tourism will bring. We are confident VisMin will be at the forefront of this revival.”