ALI 9-month earnings climb by 55% to P13.3 billion  

MANILA, Philippines — Ayala Land Inc. (ALI), the property development arm of the Ayala Group, reported a net income of P13.3 billion in the nine months to September this year,   55 percent higher than last year, on the back of a 19 percent rise in consolidated revenues to P86.3 billion.

In the third quarter alone, the company posted a net income of P5.3 billion, 107 percent higher year-on-year, while consolidated revenues rose 39 percent to P3 billion from a year ago.

ALI president and CEO Bernard Vincent Dy said the company benefited from an acceleration in business and consumer activities during the period.

“The demand for our residential products remained resilient and local consumption continues to be robust despite geopolitical and macroeconomic challenges. We believe the strength of our local market will provide the backbone to sustain the growth of our diversified real estate portfolio for the rest of the year,” he said.

Across the different segments, ALI’s property development revenues increased by seven percent to P55.2 billion during the nine-month period, led by commercial lot sales and construction progress in its residential projects.

A total of P21.1 billion was recorded in the third quarter, a growth of 21 percent year-on-year.

Nine-month revenues from commercial lots grew by 82 percent to P7.5 billion due to strong investor demand at Nuvali, Arca South and South Coast City estates, while residential revenues improved by two percent to P45.6 billion.

On the other hand, office-for-sale revenues declined by 26 percent to P2.1 billion due to the completion of Alveo’s Park Triangle Tower at BGC and moderate take-up on remaining inventory.

Demand for Ayala Land’s residential products remained resilient as the company recorded P77.3 billion in reservation sales, 10 percent more than last year.

Commercial leasing revenues grew by 64 percent, year-on-year to P23.3 billion with the reinstatement of full mall rental rates, the contribution of new leasing spaces, and higher hotel room rates.

Likewise, revenues from shopping centers and hotels more than doubled to P11.2 billion and P3.9 billion, respectively, while revenues from office leasing gained 10 percent to P8.9 billion.

So far, ALI has poured in P44.7 billion in capital expenditures, with bulk spent on commercial projects.