MANILA, Philippines - Thanks to high-profile projects with socialite Paris Hilton and luxury brand Missoni, property developer Century Properties Group, Inc. said its net income grew by 382% to P866 million in 2011 from P180 million the previous year.
In a disclosure to the stock exchange, Century said its total sales grew by 53% to P4.7 billion from P3.07 billion in the same period in 2010. The company's costs and expenses also increased to P3.45 billion last year from P2.79 billion.
"For 2012, Century plans to at least double its P866 million 2011 net income," it said.
The company said it "has a lot of headroom for its expansion plans as its net debt over equity is 11.9%, and has an industry leading return of equity of 23.8%."
The company is still seeing bullish sales in the first few months of 2012.
"Century's pre-sales for first quarter of 2012 was P5.3 billion consisting of 812 units, allowing Century to remain on track for its P20 billion pre-sales target for full year 2012. We remain upbeat about the Philippine economy and property sector, and our first quarter results strengthen our resolve to deliver differentiated projects across multiple price points," said chief financial officer Jose Carlo R. Antonio.
The board of directors of Century has also approved a release of dividends representing 10% of 2011 net income or P85.4 million.
2011 was a good year for Century, as it pre-sold P18.4 billion, a 129% growth over its P8 billion pre-sales in 2010. The company pre-sold 5,367 units for the full year 2011, versus 2,325 units in 2010.
Century attributed the robust sales growth to its efforts to sell to overseas Filipinos and foreign nationals. Around 67% of the pre-sales came from international markets.
The property company has become well-known for its high-profile collaborations with international brands such as Missoni Home, Versace Home, as well as celebrities Paris Hilton and Donald Trump.
Also last year, Century signed contracts with landowners for 1,966,865 square meters of land. This includes 543,966 square meters in Quezon City, which would be suited for affordable projects. Another 1,422,899 square meters is located in Batulao, Batangas, which Century is planning to develop as a tourism and retirement project.
At present, Century has 4 master planned developments namely Century City in Makati City, Canyon Ranch in Cavite City, Azure Urban Residences in Paranaque City, and Acqua Residences in Mandaluyong City.