August 17, 2024 | 12:00am
MANILA, Philippines —Listed companies led by real estate magnate Manuel Villar Jr. enjoyed strong profitability in the first half.
Property developer Vista Land & Lifescapes Inc. saw its profit jump by 11 percent to P6.4 billion in the first semester after launching P22.2 billion worth of projects nationwide.
Revenue increased by eight percent year-on-year to P19.9 billion, with real estate revenue reaching P9.6 billion and rental income amounting to P8.5 billion.
“We are pleased with our performance in the first semester of 2024, as we have maintained our growth trajectory. We are committed to continuing our asset maximization and optimization strategy through Vista Estates, which now encompasses 26 locations nationwide,” Villar said.
The tycoon said Vista Land also aims to solidify its foothold in the horizontal residential market with several launches in the provinces, given its wide geographic presence in the country.
He said this year’s increased project launches contributed significantly to the company’s extensive project pipeline and positively impacted Vista Land reservation sales, which improved by 10 percent to P39.2 billion in the first half.
Vista Land has the country’s broadest geographically diverse portfolio, with a nationwide presence in 147 cities and municipalities in 49 provinces.
Vista Land president and CEO Paolo Villar said the company has over 1.6 million square meters of gross floor area across more than 100 commercial properties, including 42 malls, 59 commercial centers and seven office buildings.
“Foot traffic is increasing as more people return to our malls and commercial spaces. With a land bank of 2,969 hectares, we plan to launch more upscale and vertical residential projects, integrated with commercial developments in our master-planned communities, to maximize our prime land,” he said.
Meanwhile, Villar-led premium supermarket chain AllDay Supermarket reported a 7.7-percent jump in net income to P185 million in the first semester from last year’s P172 million.
AllDay’s revenue for the period was flat year-on-year at P4.9 billion.
AlDay acting president and CEO Jacqueline Cano attributed AllDay’s stable performance in the first half to operational efficiencies.
The Villar Group’s one-stop, full-line home center, AllHome, reported a net income of P282.4 million in the first half as revenue reached P5.6 billion.
“Notable in AllHome’s performance is the stable contribution from its core categories – furniture and appliances, allowing us to deliver sustained value for our stakeholders,” AllHome president and CEO Benjamarie Therese Serrano said.
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