ALI profit up 34% in H1

MANILA, Philippines — Ayala Land Inc. (ALI), the listed property arm of the Ayala Group, reported a net income of P6 billion in the first half of the year, up 34 percent.

This was on the back of a 19 percent increase in revenue to P49 billion.

The company showed significant improvements in performance compared to the first half of 2020 during the onset of the pandemic.

In the second quarter alone, net income reached P3.3 billion compared to P197 million a year ago while revenue reached P24.3 billion from P12.8 billion.

ALI president and CEO Bernard Vincent Dy said the improvement in the company’s performance in the first half was driven primarily by the property development business, with residential demand showing resilience and construction progress driving revenue recognition.

“While it may take some time for our economy to fully reopen, particularly with the reimposition of ECQ in NCR, we are proactively launching new projects and ensuring we have adequate inventory to serve market segments that are demonstrating stability,” Dy said.