Cebu Landmasters posts solid start to 2023, Q1 revenue surges by 33% YoY to Php4.78 billion

• Cebu Landmasters, Inc.’s (CLI) consolidated revenue hit Php4.78 billion, up 33% from Q1 2022. 
• All business units posted clocked in double-digit expansions: real estate sales were up 33%, hotel operations rose 79%, leasing business grew 22% and management fee income increased 27% 
• Sales take-up grew 16% YoY. Casa Mira, CLI’s economic flagship brand, accounted for 52% of the sales. 
• CLI’s future plans include a strong project pipeline worth Php29.75 billion and remains committed to delivering value to its shareholders. 

Leading developer in VisMin Cebu Landmasters, Inc. (CLI) started 2023 on a high note, registering a consolidated revenue growth of 33% in the year’s opening quarter to Php4.78 billion from Php3.58 billion. CLI's net income to parent saw a 10% year-on-year growth, reaching Php888 million, driven by the strong performance across all business units at CLI. On the other hand, Q1 consolidated net income soared to Php1.17 billion, 43% higher year-on-year.

“Our unwavering commitment to excellence at CLI led to double-digit expansions in sales, hotel operations, leasing, and management fees," CLI senior executive vice-president and chief operating officer Jose Franco Soberano said. 

"We believe that our remarkable Q1 2023 financial performance sets the tone for the rest of the year, inspiring confidence in our shareholders while reinforcing our position as the leading developer in VisMin and a major contributor to Philippine real estate." 

Cebu Landmasters is set to open three new hospitality projects with 477 keys scheduled to commence operations this year including lyf Cebu City in Base Line Center whose lobby (architect’s perspective) is shown in the photo above.

Revenue from real estate sales grew 33% to Php4.71 billion, on the back of the increased number of qualified units for revenue recognition and construction progress.

Reservation sales take-up reached Php5.22 billion, marking a significant 16% YoY growth. The company's economic flagship brand, Casa Mira, accounted for 52% of the sales. By location, Cebu made up the bulk of the sales with 40% generated from all project areas across VisMin. 

CLI’s hotel operations also showed a remarkable recovery, with a YoY growth of 79% to Php29 million driven by improved room rates as business and tourism travel normalized further in 2023.

Additionally, CLI's leasing business recorded a 22% growth, amounting to Php21 million. Meanwhile, the company's property management arm, Cebu Landmasters Property Management (CLIPM), also posted a 27% increase in management fees totaling P15 million, attributable to the management of 24 projects.

Looking ahead, CLI has outlined a dynamic roadmap for 2023. Three new hospitality projects, namely lyf Cebu City in Base Line Center, Citadines Bacolod City and The Pad Co-Living in Banilad High Street, are scheduled to commence operations this year. 

Cebu Landmasters is set to complete over 4,000 sqm of gross leasable area (GLA), primarily from the retail pods of Davao Global Township, the listed company’s first estate project that is now set to open its doors to the public. The photo above shows the township’s most recent construction update.

These projects are expected to contribute to the company's hotel revenue, with CLI managing a total of 657 keys by the end of the year - more than a threefold increase from the 180 rooms in 2022.

In the next 2 years, CLI will also complete over 46,008 sqm of gross leasable area (GLA) from their commercial leasing business, including retail spaces at its Astra Centre Mall and the City Center at the Davao Global Township.

With 19 residential projects in the pipeline, valued at Php29.75 billion, Cebu Landmasters is poised to continue its growth trajectory throughout 2023. The company's commitment to delivering value to its shareholders was evident in the recent dividend declaration on April 28, with a dividend of Php0.18 per share.

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