November 6, 2024 | 12:00am
MANILA, Philippines — AyalaLand Logistics Holdings Corp. (ALLHC) saw its earnings surge by more than half in the nine months ending September as revenues nearly doubled.
The industrial real estate unit of property giant Ayala Land Inc. reported a net income of P618 million from January to September, 75 percent higher than the P354 million in the same period in 2023.
Revenues during the nine-month period skyrocketed by 90 percent to P4 billion from last year’s P2.1 billion.
Lots sold at Laguindingan Technopark coupled with higher completion rates for developing industrial estates boosted the revenues from the company’s industrial lot sales to P2.6 billion.
Likewise, the revenue contribution from the leasing business reached P1.2 billion on the back of the strong performances of warehouse, cold storage and commercial leasing.
Warehouse leasing grew its topline to P566 million, while commercial leasing revenues improved to P680 million due to improved mall occupancies.
ALLHC president and CEO Robert Lao said the company’s investments in leasing business segments have strengthened and diversified its industrial real estate portfolio.
“We look to deliver on our healthy pipeline of leasable properties which will increase our recurring revenue and enable us to establish a stronger foothold in the real estate logistics industry,” he said.
Last August, ALLHC’s joint venture with FLOW Digital Infrastructure marked a major construction milestone with the topping off of the first building of the ML1 Data Center in Laguna.
The first phase of the data center will have an initial six-megawatt capacity ready for service.
ALLHC also expects to complete this quarter the first phase of the ALogis Mabalacat warehouse facility and the ALogis Artico Mabalacat cold storage, which will add 7,700 square meters of gross leasable area and 5,000 cold pallet positions to the portfolio, respectively.
The construction for the second phase of Alogis Mabalacat, which will contribute an additional 18,000 square meters of warehouse inventory upon its delivery, is also in full swing.
ALLHC aims to be one of the major players in the cold storage space in the next five years.
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