Casas Javer, one of the biggest housing developers in Mexico, reported a 20.3 percent increase in net earnings, to MX$2.32 billion 4Q17 from MX$1.93 billion 4Q16, and a 7.2 percent full year increase to MX$7.56 billion compared to MX$7.05 billion in FY16.
The financial growth was mainly due to a 2.2 percent increase in the number of housing units sold, up to 18,750 units for FY17 from 18,352 units in FY16. Also, 4Q17 reported the biggest growth in units sold since 2011, with 5,585 units and improving 16.3 percent compared to 4,801 units during 4Q16.
“This year represented a historic milestone for our company, as we managed to build and sell more than 18,500 houses, with a record investment beyond MX$4.25 billion in our different constructions, and improving the working capital cycle thanks to our operative efficiency, achieving a positive cash flow for the six-consecutive year,” said René Martínez, Director General of Casas Javer. He also highlighted an optimization in the company’s product offering, allowing to be more price-competitive in the market. “2017 was one of the most dynamic years for our company in terms of the opening of housing developments, representing 33 percent of the total active developments of the year, 50 percent of these being residential projects,” he said.
The company registered gross profits of MX$621.32 million 4Q17, up 28.7 percent compared to MX$482.95 million in 4Q16. Full year gross profits for 2017 were MX$1.96 billion, going up 6 percent from MX$1.85 billion in FY16.