MANILA, Philippines – Mass housing developer 8990 Holdings hopes to double its revenues to P24 billion next year from a target of P12 billion this year.
In a press briefing, Januario Jesus Atencio, president and CEO of 8990, said that with the company’s pipeline of projects, the company is hopeful it would meet its revenue guidance of P12 billion this year. “We still have a shot at making our guidance this year,” Atencio said.
At the same time, he said the company is facing many challenges such as delays in the permits issued by the local government units.
“There are many things that can directly affect us. We’re experiencing many delays in the local government level,” he said.
Nevertheless, Atencio said sales continue to be robust and that the company is starting 14 new projects this year.
For 2017, the company hopes to double its revenues. “P24 billion could be our guidance for next year,” Atencio said.
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The company will also be launching five new projects next year.
Atencio said 8990 Holdings would soon be a force to reckon with in the National Capital Region condominium industry.
“Because we will now offer condominiums in NCR at low cost,” he said.
These projects include those in Ortigas, Cubao and Commonwealth.
In the first half, the company reported a net income of P2.18 billion, three percent up from a year ago.
During the period, 8990 delivered 4,289 units worth P4.73 billion exceeding the target of 3,899 units worth P3.58 billion by 32 percent.
Reservations inched up one percent to P4.37 billion in the first half.
Similarly, in the first semester of the year, 8990 realized a nine percent rise in revenues from housing operations with housing revenues increasing nine percent and contract to sell (CTS) income jumping 21 percent.
8990 grew its land bank to 555 hectares with an expected yield of over 107,376 units worth P115 billion. It recently purchased at two-hectare lot at Litex Road, Commonwealth in Quezon City.
The company has built more than 43,000 homes worth between P450,000 and P1.4 million over the past 12 years for the average, working class, and lower-middle income Filipino families.
