Cebu Landmasters exceeds pre-pandemic earnings with ₱2.61B in 2021

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Metro Manila (CNN Philippines, April 7) — Listed property developer Cebu Landmasters Inc. (CLI) witnessed a strong real estate rebound last year as the company saw its profit soar by 42% to ₱2.61 billion, surpassing its 2019 levels.

The group, which is focusing on the Visayas and Mindanao, recorded its revenues jumping by 35% to ₱11.16 billion in 2021 against the ₱8.3 billion generated a year ago.

Sales in the period reached ₱16.5 billion -- 16% higher than the previous year -- on the back of "solid housing demand in the Visayas and Mindanao particularly in the economic and mid-income segments."

Its chief financial officer Grant Cheng said the company expects that the top line's growth will be sustained for the next two years as reservation sales went up 16% to ₱16.526 billion, a "record-breaking" figure for CLI.

CLI chairman and chief executive officer Jose Soberano III said the group's 2021 performance exceeded its targets for the year and "puts us in a position to pick up from where we left off pre-COVID." Its profit in 2019 stood at ₱2 billion.

To keep its momentum, CLI acquired 41 hectares last year, pushing the total landbank to more than 100 hectares worth ₱12 billion. The company said it is still in talks for the purchase of additional 70 hectares.

For this year, CLI said it is gearing up to launch 21 projects, including a new site in Palawan.