News & Updates
8990 Jan-June income hits P2.82B
LISTED 8990 Holdings Inc. reported on Thursday that its consolidated net income jumped by 18 percent to P2.82 billion in the first six months from P2.39 billion year-on-year on the back of higher revenues.
In a disclosure, the property developer said these revenues rose by 17 percent to P7.01 billion from P6 billion in the January-to-June period in 2018.
“Rising demand for affordable housing in the country has allowed us to sustain our revenue growth in the first half of 2019,” 8990 President Willie Uy said in the disclosure, expressing confidence that the firm would meet its P13.5-billion revenue target for this year.
8990’s profit increased 18% to P2.82b in 1st six months
Mass housing developer 8990 Holdings Inc. said Thursday first-half net income rose 18 percent to P2.82 billion from P2.39 billion year-on-year on sustained strong demand for its affordable housing units.
8990 Holdings said in a disclosure to the stock exchange six-month consolidated revenues also climbed 17 percent to P7 billion on increased sales from the capital region, Iloilo and Bulacan.
The property firm said total housing units delivered reached 4,934 units during the first half of the year, up 19 percent year-on-year.
8990 Holdings H1 profit up 18%
Mass housing developer 8990 Holdings Inc. is optimistic of exceeding its revenue target of PHP13.5 billion this year after its net income surged by 18 percent in the first half.
“I think we will even surpass that based on the sales tempo, it’s really doing well,” company President and Chief Executive Officer Willie Uy told reporters Thursday on the sidelines of a briefing on its first six-month earnings.
He noted their housing projects in the province have been showing “very good sales” even during July and August which are rainy months.
To meet strong demand, Uy bared the company aims to launch this second half of 2019 three housing projects located in Meycauayan, Bulacan; Talomo, Davao City; and Leganes, Iloilo.
Profit growth lifts 8990 stocks by 94% since Jan
8990 Holdings Inc. has seen its stock price surging by nearly 100 percent since the start of this year, with analysts crediting its strong financial performance as having boosted investor sentiment. The listed mass-housing developer increased its share price by 94.2...
8990, Megawide sign deal for maiden horizontal project
8990 Holdings, one of the fastest growing real estate developers in the Philippines, expands its partnership with Megawide Construction Corp. with the signing of a contract to build its newest housing project in Meycauayan, Bulacan. “We are delighted to extend our partnership beyond just vertical developments. With the addition of Deca Homes Meycauayan to our list of projects with Megawide, we are certain that we will be able to deliver quality homes to every hardworking Filipino,” said 8990 Holdings President and Chief Executive Officer Willie Uy.
8990 Holdings Q1 income up
Leading mass housing developer 8990 Holdings grew net profit in the first quarter by 17 percent year-on-year to P1.18 billion as residential condominium projects in Metro Manila started to contribute significantly to total revenues.
Revenues grew by 20 percent year-on-year in the first three months to P3.01 billion as the company delivered a total of 2,204 housing units, 23 percent higher than the units delivered in the previous period last year.
Net profit margin was at 39 percent, well above the company’s guidance of 37.5 percent