8990 targets P23-B revenues this year

LISTED 8990 Holdings Inc. eyes a double-digit topline growth this year after posting record revenues in 2021.

The mass housing developer on Wednesday said it looks to hit P23 billion in gross revenues this year, 15 percent more than the unaudited P20-billion gross revenues it posted last year.

8990's full-year 2021 revenue stands 41 percent higher than the P14.2 billion it posted in 2020 and around a 30 percent improvement from its pre-pandemic revenues of P15.4 billion in 2019.

The firm delivered 11,564 more houses last year, while it saw a 41 percent to 59 percent split between its vertical and horizontal developments, in terms of actual values.

Its mass housing or horizontal projects, meanwhile, accounted for 55 percent of the total number of units, while the remaining 45 percent was taken up by its vertical projects.

Anthony Vincent Sotto, 8990 president and chief executive officer, in the disclosure said the company "defied all odds" as it managed to post growth despite the pandemic and the challenges brought by Typhoon "Odette," which affected one of its key markets, the Visayas region.

Sotto added that the results "reflect the strong demand for affordable housing, the optimism of our buyers in the economy and their confidence in the stability of their future revenue streams."

The company banked on its 729.05 hectares of landbank nationwide to spur its revenue target this year.

8990 also looks to reach P164 billion in sales for the next seven to eight years.

Shares of 8990 dipped 12 centavos, or 1.09 percent, to close at P10.92 apiece on Wednesday.

Source: TheManila Times