Cebu Landmasters Posts Record Growth with 1.8b YTD Sales

November 15, 2021November 15, 2021 Migo V. 0 Comments CLI

CLI posted record P1.854 billion 9-month net income, surpassing full-year 2020 performance

Top VisMin developer Cebu Landmasters Inc. (CLI) announced an exceptional 3Q 2021 performance with a net income of Php 1.854 billion in the first nine months of 2021, which has effectively surpassed its full-year 2020 figure of P1.845 billion.

CLI’s remarkable performance was driven by real estate revenues of P7.7 billion, a 34% increase from the same period last year, with projects cutting across key market segments. The bulk or 44% of 3Q revenue was contributed by CLI’s popular housing brand Casa Mira, with the fast-selling mid-market Garden Series accounting for 30%, and the top-end Premier Masters contributing 24%.

Robust sales and rapid construction progress, due to sites operating fully at 100%, raised consolidated revenues year-on-year by 34% from P5.7 billion to P7.7 billion. Meanwhile, 9-month net income grew strongly by 23% year-on year to P1.854 billion from 2020’s P1.5 billion.

*CLI’s flagship economic brand Casa Mira contributed 45% of the listed company’s 3Q revenues. Launched this year, Casa Mira South phase 4 in Naga City, Cebu is now fully sold out.*

CLI chairman and Chief Executive Officer Jose Soberano III observed, “The pandemic has emphasized to our buyers the importance of and impact to family stability of owning a home in a safe and secure community. We will continue to meet this need and to earn the trust of VisMin homeowners moving forward.”

With P8.7 billion in capital expenditures this year including acquisitions for new land amounting to P1.2 billion, CLI acquired over 40 hectares in key VisMin areas bringing the firm’s landbank to 105 hectares. An additional 70 hectares are currently under negotiation.

*Cebu Landmasters’ newly launched Terranza Residences, a P1.5 billion premier residential tower in Iloilo City, is now 76% sold.*

Spending is expected to increase since project development has already commenced at the 100-hectare Minglanilla Techno Business Park (Ming-Mori). Ming-Mori is projected to boost the firm’s growth exponentially by generating close to P200 million in annual leasing revenue. CLI has an 80% stake in this ambitious reclamation project, the company’s second estate development next to Davao Global Township in Davao and followed by Masterson Town in CDO.

CLI was recently awarded as the Best Developer in Visayas and in Mindanao by Property Guru Philippines Property Awards 2021, which were never-before-presented developer titles by the prestigious award-giving body. The accolades cement the listed company’s leadership in the region. The firm was also awarded as the Fastest Growing Developer in the Philippines by the International Finance Awards 2021.