8990 Holdings Inc. posted a slight increase in its net profit of 5.5% for the first six months of 2022, to 3.649 billion pesos against 3.458 billion pesos in the same period last year.
Anthony Vincent Sotto, President and CEO of 8990, announced at its annual meeting of shareholders that despite inflationary fears and several global uncertainties, the company was able to maintain its revenue levels. Gross revenue rose slightly to 10.05 billion pesos in the first half, from 10.01 billion pesos in the same period last year. Gross margin remained at 50%, while net margin increased slightly from 35% to 36%.
The National Capital Region (NCR) accounted for the bulk of total sales at 54%. North Luzon and Davao each contributed 14%; Cebu and Ormoc at 9%; Iloilo and Bacolod at 7% each; and South Luzon and General Santos at 1% each.
In terms of total units shipped, NCR again accounted for the highest at 37%, followed by Iloilo and Bacolod at 17%. Davao contributed 16%; North Luzon, 15%; Cebu and Ormoc at 9%; General Santos at 4%; and South Luzon, 2%.
As for the 8990 vertical projects, they contributed the majority of revenue at 60%. In terms of total units shipped, NCR again accounted for the highest at 37%, followed by Iloilo and Bacolod at 17%. Davao contributed 16%; North Luzon, 15%; Cebu and Ormoc at 9%; General Santos at 4%; and South Luzon, 2%.
Horizontal 8890 projects generated the remaining 40%. The company delivered 5,364 homes to owners for the same period.
Sotto said 8990 has a land reserve of 767.56 hectares which is divided as follows: Luzon 211.14 hectares, Visayas 438.08 hectares and Mindanao 118.35. Of this inventory, Bulacan accounted for 963 million pula; Davao and General Santos at 709 million pesos; Ortigas at 708 million pesos; Iloilo and Bacolod at 523 million pesos; and Cebu and Ormoc at 327 million pesos.
Sotto remained confident that 8990 is on track to meet its 23 billion peso target for fiscal 2022, as the company has inventory of 3,292 units worth 3.6 billion pesos at sell in all projects nationwide.
8990 Holdings closed lower on Friday, with its share price falling 0.08 centavos to 9.30 pesos per share.