AFTER posting a strong performance in 2022, Cebu Landmasters Inc. (CLI) is planning to launch P29.75 billion worth of 19 new projects, its chairman and chief executive officer Jose R. Soberano III said in his report during the firm’s 2023 Annual Stockholders Meeting on Thursday, June 1, 2023 at the Citadines Building in Cebu City.
Soberano said the company is using the “Next Level CLI” strategy, which aims to increase the firm’s growth, expand its portfolio, develop more new areas, and create sustainable projects.
CLI is targeting to bring to the Luzon market its best-selling format, the “economy” housing project such as the Casa Mira Villa, which is seen to entice more Filipinos to own a home in an affordable option.
For this year, CLI is establishing its foothold in the hospitality industry with three projects to open in the Visayas: The Pad, lyf Cebu City at BaseLine Center, and Citadines Bacolod City.
In 2022, CLI’s portfolio reached 109 projects, with over 80 residential projects, six offices, 10 hotels, 10 mixed-use projects, and three township developments spread across 16 key cities in VisMin.
The firm hit a 32 percent increase in all-time high normalized net income of P3.17 billion last year, showing an earnings growth across all its revenue sources. This allows CLI to increase its capital spending by 13 percent, mainly for property development and land acquisition.
CLI already opened the year with a 33 percent consolidated revenue growth in the first quarter of 2023 to P4.78 billion from P3.58 billion, on the back of double-digit growth across all its business units. (EHP)