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Published
Visayas and Mindanao home developer Cebu Landmasters Inc. (CLI) announced yesterday a net income of ₱ 2.01 billion in 2019, an annual growth of 21% and exceeding its goal of ₱ 2 billion. Consolidated net income after taxes increased to $ 2.44 billion, 12% more than in 2018.
The strong performance of all CLI business units, which included the continued accumulation of its hotel and leasing portfolio, resulted in consolidated revenues of ₱ 8.50 billion from ₱ 6.76 billion or an increase of 26%. Citadines Cebu City began operating in the third quarter of the year providing a new source of revenue. It is the first of six hotels planned in various VisMin cities to be completed in 2022.
Meanwhile, CLI recorded reserve sales of ₱ 12.68 billion or 32% more than the ₱ 9.61 billion of the previous year from a combination of residential and mixed-use projects at six key VisMin centers: Davao, Bacolod, Cagayan de Gold, Bohol, Cebu City and Mandaue Based on its performance in 2019, the company declared a cash dividend of ₱ .025 per share last February to shareholders of record as of April 3, 2020.
In 2020, CLI will use its current 1,245,485 square meter land bank to deploy more projects in new locations in Iloilo, Bohol, Ormoc, and Palawan. CLI recently purchased 9.4 ha. Ormoc property planned for residential development. In addition, CLI bought 28 hectares. in Davao for the Casa Mira and Garden Series brands of the firm and another 11,000 square meters in Bacolod City for its Casa Mira portfolio.
The publicly-listed company is also developing a mid-market mixed-use multi-tower condominium project in Mandaue in strategic partnership with AboitizLand, the real estate arm of Aboitiz Equity Ventures. Another partnership is with prominent Iloilo businessman Alfonso Tan, president of International Builders Corporation, which involves a series of skyscrapers with business premises on a corner lot in downtown Iloilo City. CLI also intends to develop high-end residences as part of a redevelopment of a resort in Mactan. And finally, a flagship CLI project on a corner lot in Cebu Business Park adjacent to the Ayala Center Cebu will be launched in 2020. The signature project will be anchored by a prestigious 6-star hotel brand, Grade A offices and commercial spaces .
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