04/07/2022
PROPERTY developer Cebu Landmasters, Inc. (CLI) announced on Tuesday that it is planning 21 pipeline projects worth P31.5 billion.
โWe 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),โ Chief Finance Officer Beauregard Grant L. Cheng said during the companyโs 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 yearโs capital expenditure budget is 34.6% higher than last yearโs 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.
โThis (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,โ 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 โconfidently projectingโ 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.
โNotwithstanding mobility restrictions and supply chain interruptions, our team achieved quick project turnarounds. Our construction activities stayed in full swing throughout 2021,โ CLI Chairman and Chief Executive Officer Jose R. Soberano III said in a statement.
โOur 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,โ he added.
Mr. Soberano said that CLIโs growth trajectory in 2022 will be supported by a land bank of 103 hectares valued at P12 billion.
โCLI 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%,โ 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. โ by Luisa Maria Jacinta C. Jocson
Published in BusinessWorld
