8990 Holdings ups net income in 1st half of ’22

8990 Holdings Inc. posted a slight increase in net income of 5.5 percent for the first six months of 2022, to P3.649 billion from P3.458 billion in the same period last year.

Anthony Vincent Sotto, 8990 president and chief executive officer, announced during its annual stockholders’ meeting that despite inflationary fears and several global uncertainties, the company was able to sustain revenue levels. Gross revenues slightly increased to P10.05 billion in the first half from P10.01 billion in the same period last year. Gross margin remained at 50 percent, while net margin rose slightly from 35 percent to 36 percent.

The National Capital Region (NCR) accounted for the bulk of the total sales at 54 percent. North Luzon and Davao each contributed 14 percent; Cebu and Ormoc at 9 percent; Iloilo and Bacolod at 7 percent each; and South Luzon and General Santos at 1 percent each.

In terms of total units delivered, NCR again accounted for the highest, at 37 percent, followed by Iloilo and Bacolod at 17 percent. Davao contributed 16 percent; North Luzon, 15 percent; Cebu and Ormoc both at 9 percent; General Santos at 4 percent; and South Luzon, 2 percent.

As for 8990’s vertical projects, they contributed the majority of revenues at 60 percent. In terms of total units delivered, NCR again accounted for the highest, at 37 percent, followed by Iloilo and Bacolod at 17 percent. Davao contributed 16 percent; North Luzon, 15 percent; Cebu and Ormoc both at 9 percent; General Santos at 4 percent; and South Luzon, 2 percent.

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8890’s horizontal projects generated the balance of 40 percent. The company delivered 5,364 housing units to homeowners for the same period.

Sotto reported that 8990 has a land bank of 767.56 hectares which is distributed as follows: Luzon 211.14 at hectares, Visayas at 438.08 at hectares and Mindanao at 118.35. Of this inventory, Bulacan accounted for P963 million; Davao and General Santos at P709 million; Ortigas at P708 million; Iloilo and Bacolod at P523 million; and Cebu and Ormoc both at P327 million.

Sotto remained confident that 8990 is well on its way to hitting its target of P23 billion for fiscal year 2022, as the company has an inventory of 3,292 units worth P3.6 billion for sale across all projects nationwide.

8990 Holdings closed lower on Friday with its share price dropping by 0.08 centavos to P9.30 per share.