CEBU Landmasters Inc. (CLI) achieved its highest first half net income performance of P1.55 billion, an increase of 40 percent compared to the same period last year, buoyed by strong sales and project completions.
Without the adjustment from Create law, CLI grew its earnings attributable to parent by 18 percent from the reported P1.1 billion of the same period last year.
Real estate sales also grew by a robust 45 percent from P5 billion to P7.36 billion year on year.
All other business units continued to improve performance as the firm fast-tracked construction and strengthened operations.
CLI’s economic housing brand Casa Mira accounted for the largest share of H1 2022 revenues indicative of the significant housing backlog in key VisMin cities.
A hefty 40 percent of H1 2022 revenues came from Cebu; with Davao following at 16 percent; Cagayan de Oro, 15 percent; Iloilo, 12 percent; and the balance from Ormoc, Bacolod, Dumaguete and Bohol.CLI’s capital expenditures rose by 42 percent 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 including the purchase of a 17-hectare expansion site in Butuan City.
CLI is also gearing up for its large-scale townships in Davao, Cagayan de Oro and Minglanilla in Cebu as these are now moving strongly at different stages of development.
Jose Soberano III, CLI chairman and chief executive, disclosed: “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.”