CEBU’S leading homegrown property developer Cebu Landmasters Inc. (CLI) reported P2.2 billion in residential reservation sales in the first quarter, equivalent to three-fourths of sales take-up achieved by the company for the whole of last year.
The reservation sales level is a leading indicator of the kind of revenues that CLI can recognize in 2018 and 2019.
In a press chat on Wednesday after the investors’ briefing related to the CLI’s initial public offering, CLI founder and president Jose Soberano III said last year’s reservation sales amounted to P2.9 billion.
Of the P2.2 billion in reservation sales posted by CLI in the first quarter of this year, Soberano said 70 percent was contributed by high-rise residential development.
The reservation sales seen in the first quarter have already approximated CLI’s entire revenue base of P2.18 billion in 2016.
From 2012 to 2016, CLI’s net income expanded at a compounded annual growth rate (CAGR) of 150.49 percent, reaching P702.32 million last year. Revenues have also seen a CAGR of 61.47 percent over the same period. Return on equity last year stood at 50.49 percent.
CLI is raising as much as P2.9 billion from an initial public offering priced at P5 per share, aiming to boost funds for expansion in Visayas and Mindanao (Vis-Min).
The IPO will run from May 19 to 26 while listing on the Philippine Stock Exchange will be on June 2.