8990 Holdings, Inc., a developer of low-cost homes, reported that its unaudited net profit increased by 52 percent in 2014. The company raked in P3.3 billion, exceeding its target of P3 billion, said the developer in a press briefing.
Gross sales, likewise, were up to 48 percent higher at P7.9 billion. Meanwhile, at 43 percent, the firm's net margin in 2014 also increased by 2 percent since 2013.
In line with this growth, the company has raised its target net profit to P3.8 - P4 billion in 2015, a mark-up of up to 21 percent. Revenues, likewise, are expected to increase to P9.6 - P10 billion, or by 22 to 27 percent, stated the company.
"We are hoping 2015 will be a banner year," said Januario Jesus Atencio, president of the firm.
To this end, the firm has disclosed it has nine new housing projects in the pipeline, all of which cost nearly P4 billion in total. Poised to launch within the year, the projects will add as much as 4,486 units to the firm's housing inventory.
Three projects are due in Cebu; another three are slated for Davao; two projects are poised to launch in Cavite and in Muntinlupa. Meanwhile, the biggest project yet -- billed DH Pavia 3, costing P1.5 billion -- is located in Iloilo, and pending delivery within the year.
In addition, the firm is launching 6,598 units in 10 ongoing developments, upping its total inventory in 2015 to 11,083.
"2014 made us realize that, more than sales velocity, our capacity to build more and more units is the main determining factor to our long-term sustainability," cited the firm on a disclosure to the Philippine Stock Exchange on Thursday, January 29.