MANILA, Philippines — Record high revenues propelled earnings of property giant Ayala Land Inc. (ALI) in the first half.
ALI saw its net income climb by 15 percent to P13.1 billion from the same period in 2023 as consolidated revenues jumped by 28 percent to P84.3 billion.
“This is our highest level of first half revenues to date, surpassing our mark in 2019,” ALI senior vice president, chief finance officer and chief compliance officer Augusto Bengzon said.
Driven by higher residential and commercial lot bookings, ALI’s property development revenues increased by 34 percent year-on-year to P51.9 billion.
Residential revenues jumped by 40 percent to P43.7 billion, while revenues from commercial and industrial lots climbed by 19 percent to P6.3 billion.
Office-for-sale revenues, meanwhile, registered a 15-percent drop to P1.8 billion as lower incremental percentage of completion of projects offset new bookings.
The company launched P33.7 billion worth of projects in the first half, wherein 92 percent were from premium brands and 52 percent were horizontal developments.
Leasing and hospitality revenues, meanwhile, improved by 10 percent to P22.1 billion fueled by the higher occupancy of Ayala Malls Manila Bay, the contribution of One Ayala Mall and Offices, Ayala Triangle Tower Two, Seda Manila Bay and the higher occupancy of Seda Nuvali and Lio.
ALI’s shopping center revenues increased by eight percent to P11.1 billion, while office leasing grew by six percent to P6.1 billion.
Hotel and resort revenues, on its end, accelerated by 19 percent to P5 billion.
“Ayala Land is hitting its growth targets across all business lines and market segments. Residential sales outperformed expectations. We will continue to pursue our growth trajectory with a keen eye on capital efficiency,” ALI president and CEO Anna Ma. Margarita Bautista-Dy said.
“We are reinventing our assets to deliver elevated and differentiated experiences to our customers and we will continue to bring compelling and market-shaping residential offerings to Filipino homeowners,” she said.
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