Connect with us

Hi, what are you looking for?

News

Cebu Landmasters targets 21 projects worth P31.5B

PROPERTY developer Cebu Landmasters, Inc. (CLI) announced on Tuesday that it is planning 21 pipeline projects worth P31.5 billion.

“We are constantly getting better so that we can continue to scale up our performance and rise to the challenge of fulfilling all those housing demands, especially in VisMin (Visayas and Mindanao),” Chief Finance Officer Beauregard Grant L. Cheng said during the company’s annual stockholders meeting.

During the virtual event, he said that the company had set aside more than P13 billion for its 2022 capital spending to cover land acquisition and construction progress.

This year’s capital expenditure budget is 34.6% higher than last year’s P9.66 billion, and topped the P10.64 billion spent in 2018 when the company marked its first year of listing at the stock exchange.

“This (capital spending) will come in the form of more project launches across Visayas and Mindanao that will allow us to grow our topline and bottom line,” Mr. Cheng said.

He said the company had secured this year more funding facilities at longer tenors and at lower fixed rates.

Mr. Cheng said CLI is “confidently projecting” a 20% growth in revenues and net income to shareholders for 2022. He said financial results in the first quarter of the year indicate that the projections would be met.

In the first quarter, CLI posted P810.64 million in net income attributable to equity holders, 13.6% higher than the P713.83 million registered a year ago. It reported gross revenues of P3.65 billion, up 54% from P2.37 billion previously.

In 2021, the company reported that net income to shareholders surged by 42% to P2.61 billion. Consolidated revenues rose by 35% to P11.16 billion.

“Notwithstanding mobility restrictions and supply chain interruptions, our team achieved quick project turnarounds. Our construction activities stayed in full swing throughout 2021,” CLI Chairman and Chief Executive Jose R. Soberano III said in a statement.

“Our track record for delivering projects on time and our responsiveness to customer needs, thanks to digital innovations, allowed us to keep them satisfied and ready to endorse us to others,” he added.

Mr. Soberano said that CLI’s growth trajectory in 2022 will be supported by a land bank of 103 hectares valued at P12 billion.

“CLI will continue in 2022 to expand to new business segments, deepen our investments in the Visayas and Mindanao regions while strengthening internal systems to achieve its growth guidance of 20%,” Mr. Soberano said.

The company has said that its 22-hectare Davao Global Township (DGT) recently sold out the first three towers of its first residential project The East Village at DGT, with a fourth tower to be launched soon.

The planning and development of a 14.3-hectare property in Cagayan de Oro is also underway. It is planned to be a mixed-use university town.

CLI is also working on reclamation on the 100-hectare Minglanilla Techno Business Park in Cebu.

On Tuesday, CLI shares ended higher by 1.51% or four centavos to close at P2.69 at the stock exchange. — Luisa Maria Jacinta C. Jocson

Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest

News

REUTERS TRADE Secretary Alfredo E. Pascual’s intention to join more free trade agreements received backing from major business chambers, who declared support for participating...

News

NATIONAL IRRIGATION ADMINISTRATION PHOTO RELEASE SUBSIDIES provided to government-owned and -controlled corporations (GOCCs) declined by 82.31% year on year to P7.905 billion in May,...

News

PHILIPPINE STAR/ MICHAEL VARCAS AGRICULTURE and fisheries planning needs to be more “bottom-up” to better meet the needs of farmers and fisherfolk, steering away...

News

REUTERS ERIC BROTEN had planned to sow about 5,000 acres of corn this year on his farm in North Dakota, but persistent springtime rains...

News

(First of two parts) Family-run businesses require structures that are necessary to ensure a smooth transition. In the Philippines, the wealth of ultra-high net...

News

THOUSANDS of supporters of President Ferdinand “Bongbong” R. Marcos, Jr. are unfazed by the rain during a free concert held in Manila on the...

You May Also Like

News

BW FILE PHOTO GROSS BORROWINGS by the National Government reached P2.6 trillion as of end-September as it continued to raise funds to respond to...

News

REUTERS By Luz Wendy T. Noble, Reporter The country’s foreign exchange buffers slightly increased as of end-October as the value of the central bank’s...

News

COVID-19 has had a significant impact on the mental health of Filipinos across different groups all over the archipelago. From frontline workers, parents balancing...

Financial Advisors

The healthcare ecosystem is one that has thrived on the cusp of scientific progress, benefitting enormously from the winds of change in the technological...

Disclaimer: Respect Investment.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2022 Respect Investment. All Rights Reserved.