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8990 Holdings’ profit up 34% on eased mobility

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8990 HOLDINGS, INC. posted 34.1% higher attributable net income to P2.65 billion in the third quarter from P1.97 billion last year on eased mobility restrictions.

For the quarter, the company’s topline reached P6.98 billion, up by 30.7% from P5.34 billion in the same period a year ago.

Real estate sales contributed P6.92 billion, 29.8% higher than P5.34 billion last year. Rental income was 68.5% lower at P1.33 million from P4.21 million a year ago.

“The outstanding results for the third quarter also significantly boosted the calendar-year results of the country’s leading affordable developer by double digits,” the company said.

For the nine-month period, the company’s attributable net income rose by 15.9% to P6.29 billion from P5.43 billion last year.

From January to September, 8990 Holdings’ topline totaled P17.03 billion, up by 10.9% from P15.31 billion in 2021.

Real estate sales contributed P16.88 billion, 10.6% higher than P15.27 billion a year ago, while rental income’s share was 97.2% lower at P2.4 billion from P84.75 billion.

8990 Holding’s vertical projects contributed 59% to revenues, while horizontal projects made up 41% of the total.

As of September, the company delivered 8,882 additional homes — 56% in Luzon, 23% in the Visayas and 22% in Mindanao.

The company said it has 704.66 hectares of land holdings with a potential sale value of P155 billion.

On Thursday, shares in 8990 Holdings climbed by 90 centavos or 9.57% P10.30 apiece. — Justine Irish D. Tabile