Property developer Century Properties Group Inc. (CPG) is set to spend as much as P10 billion this year, mainly to finance the company's development projects.
"The company is allocating P8 to P10 billion for its capital expenditures this year to cover its residential and office development projects...," the company said in a regulatory filing submitted by chief information and compliance officer Isabelita Sales.
According to CPG, the capex—which will be funded equally from internal and external sources—will also be used to expand the company's land bank.
In 2018, CPG reported a 72-percent growth in its net income at P1.1 billion versus the P650 million the previous year.
Driven by the completion of three residential buildings, the company's revenues grew 60 percent to P10.7 billion.
"Century Properties Group’s expansion into affordable housing and commercial leasing have started to be profitable and we expect this upward trend to continue," said CPG chief finance officer Ponciano Carreon, Jr.
"These two businesses will contribute a bigger share of the company’s revenue and income in the coming years, sustaining CPG’s growth momentum," he added. —Jon Viktor Cabuenas/KG, GMA News