The Antonio family’s Century Properties Group has successfully redeemed preferred shares valued at P3 billion as part of its strategic program aimed at reducing obligations and strengthening its balance sheet.
On July 10, the shares were fully redeemed at a price of P100 each. These shares are cumulative, non-voting, non-convertible, and non-participating Philippine peso-denominated shares, according to the developer.
Century Properties’ Chief Finance Officer, Ponciano S. Carreon Jr., stated that the full redemption of the preferred shares is part of their strategic program to manage their finances prudently, reduce debt, and reinforce their balance sheet to support the company’s growth and expansion.
Holders of preferred shares have priority in receiving dividend payouts and in the event of corporate liquidation. Century Properties’ preferred shares were issued on January 10, 2020.
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Carreon added that they intend to tap into the active and liquid domestic capital markets for their capital funding needs, further capitalizing on the favorable market conditions.
As of December 2022, Century Properties’ outstanding total debt had decreased to P17.3 billion from P18.4 billion the previous year, mainly due to the repayment of P1.1 billion in short-term and long-term debt. In April of the same year, the company also redeemed P3 billion worth of its fixed-rate bonds.
In the first quarter of 2023, Century Properties reported a 21% increase in net profit, amounting to P302 million, driven by the growth of its affordable housing segment. Revenues during the same period also rose by 28% to P3.3 billion.
The company attributed the increase in revenues to its affordable housing developments, which contributed P1.6 billion or 48% of the total revenues, reflecting a 33% increase compared to the previous year. Century Properties’ new projects include Phirst Sights Bay Laguna, Phirst Editions Batulao Batangas, and Phirst Centrale in Hermosa Bataan.
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Omprakash Tiwary is a business writer who delves into the intricacies of the corporate world. With a focus on finance and economic landscape. He offers readers valuable insights into market trends, entrepreneurship, and economic developments.
Denial of responsibility! Samachar Central is an automatic aggregator of Global media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, and all materials to their authors. For any complaint, please reach us at – [email protected]. We will take necessary action within 24 hours.
