Cebu Landmasters Inc. (CLI), a leading property developer in Visayas and Mindanao, posted record financial results in 2024, with revenues reaching P19.5 billion and an 8% increase in net income attributable to parent shareholders. Operating cash flow hit P4.3 billion.
At its Annual Stockholders’ Meeting on July 11, CLI also announced the appointment of two new independent directors, expanding its board from nine to 11 members and strengthening its corporate governance.
The company grew its VisMin market share to 19.3% and declared PHP 0.18 per share in dividends, totaling PHP 3.8 billion in shareholder returns since its 2017 IPO.
CLI reported PHP 20.58 billion in reservation sales and 94% of launched inventory sold, supported by PHP 85 billion in contracts receivable and low delinquency rates. Notable projects like Velmiro Heights Davao and Mindara Residences sold out quickly, while CLI’s Luzon expansion has begun.
Preferred shares were oversubscribed by 1.4x, providing capital for further growth. Recurring income streams also grew significantly: hospitality revenue rose 74%, and commercial leasing income increased 45%.
A major milestone was CLI’s joint venture with Japan’s NTT Urban Development to develop the PHP 6.4 billion Wave Towers in Cebu IT Park. Large-scale estate projects in Davao and Cagayan de Oro also gained traction, attracting institutional partners like Insular Life and BDO.
The Cebu Landmasters Foundation continued its social impact through housing projects and livelihood programs benefiting over 500 individuals.
CLI welcomed Eugene S. Acevedo, former RCBC President and innovation leader, and Dr. Winston Conrad Padojinog, outgoing UA&P president and policy expert, as new independent directors. With their addition, five of CLI’s 11 board seats are now held by independents.
All agenda items, including financial statements and by-law amendments, were approved at the meeting. Beginning 2026, CLI’s Annual Stockholders’ Meeting will be held every second week of June.