8990 Holdings, Inc., listed on the Philippine Stock Exchange (PSE) under the symbol “HOUSE,” posted a slight
increase in Net Income of 5.5% for the first six months of 2022, to PhP 3.649 Billion from PhP 3.458 Billion in
the same period last year.
8990 President & CEO Anthony Vincent Sotto announced during a recent meeting of the company’s Board of
Directors that despite inflationary fears and the rest of the uncertainty from the outcome of the elections to the
war in Ukraine, 8990 was able to sustain revenue levels. Gross revenues slightly increased to PhP 10.05 Billion
in the first half from P10.01 Billion in the same period last year.
Due to effective expense management, gross margin remains at 50%, whereas net margin rose slightly from
35% to 36%.
Revenue Base
As of end-June, 8990 has delivered 5,364 units to homeowners. The National Capital Region (NCR) accounted
for bulk of the total revenues, at 54%. North Luzon and Davao each contributed 14%, Cebu/Ormoc 9%, Iloilo
and Bacolod 7% each, and South Luzon and General Santos at 1% each.
In terms of total units delivered, NCR again accounted for the highest, at 37%, followed by Iloilo/Bacolod at 17%.
Davao contributed 16%, North Luzon 15%, Cebu/Ormoc 9%, General Santos 4% and South Luzon 2%.
8990’s Vertical projects contributed majority of revenues at 60%, while Horizontal projects generated 40%.
Towards the end of June, 8990 also inaugurated an expansive amenities area of Urban Deca Homes Ortigas in
Pasig City. At 13.2 hectares, Urban Deca Homes Ortigas is 8990’s largest project to date.
FY 2022 Target
Sotto remained confident that 8990 is “well on our way to hitting our target” of PhP 23 Billion for fiscal year 2022,
as the company has an inventory of 3,292 units worth PhP3.6 Billion in sales across all projects nationwide.
Of this inventory, Bulacan accounts for PhP 963 Million, Davao/Gensan PhP 709 Million, Ortigas PhP 708 Million,
and Iloilo/Bacolod PhP 523 Million. Cubao has potential sales of PhP 359 Million and Cebu/Ormoc PhP327
Million.
Huge Land Bank
Sotto also reported that 8990 has a land bank of 767.56 ha distributed as follows: Luzon 211.14 ha, Visayas
438.08 ha and Mindanao 118.35 ha.
As to potential sales, the Luzon land bank is expected to generate PhP 98 Billion, Visayas PhP 67 Billion and
Mindanao, PhP 6 Billion.
“In the next seven to 10 years, we expect to unlock a total of PhP171 Billion in revenues,” Sotto declared