MANILA, Philippines — Healthy property demand and consumer activity boosted Ayala Land Inc. (ALI)’s net income to grow by 39 percent to P6.3 billion in the first quarter.
ALI booked revenues of P41 billion during the three-month period, up 33 percent year-on-year.
“Our first quarter performance reflects our commitment to delivering on our operational targets this year, focused on high-value market opportunities and our drive for quality,” ALI president and CEO Anna Ma. Margarita Bautista-Dy said.
“Anchored on the resiliency of the local property market and consumer activity, we look forward to executing our plans to support our growth aspiration for 2024,” she said.
During the quarter, ALI’s property development revenues surged by 47 percent to P25 billion on the back of robust residential and commercial lot bookings.
Residential revenues soared by 51 percent to P21.4 billion, while commercial and industrial lots revenues jumped by 59 percent to P2.8 billion.
Led by the strong demand for products in the premium and vertical segments, residential reservation sales rose by 20 percent to P33.3 billion.
A total of four projects valued at P13.7 billion were launched by ALI in the first quarter.
Leasing and hospitality revenues of the company during the period likewise increased by eight percent to P10.9 billion, fueled by higher mall occupancy, increased mall, office and hotel rental rates, and the contribution of new Seda hotel rooms at Manila Bay and Nuvali.