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 P4.78 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 P29.75 billion and it remains committed to
• delivering value to its shareholders.

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

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 P4.78 billion from P3.58 billion.

CLI's net income to parents saw a 10% year-on-year growth, reaching P888 million, driven by strong performance across all business units at CLI. On the other hand, Q1 consolidated net income soared to P1.17 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"

Revenue from real estate sales grew 33% to P4.71 billion, on the back of the increased number of qualified units for revenue recognition and construction progress.

Reservation sales take-up reached P5.22 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 P29 million driven by improved room rates as business and tourism travel normalized further in 2023.

CLI's leasing business also recorded a 22% growth, amounting to P21 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 managing 24 projects.