AyalaLand Logistics Holdings Corp. (ALLHC) reported a 10 percent growth in net income to P702 million last year from P641 million in 2019 as operations of its industrial estates, logistics and office facilities continued amid the pandemic.
In a disclosure to the Philippine Stock Exchange, ALLHC said its performance was driven by sale of industrial lots, stable warehouse and office leasing operations, and sale of non-core assets.
In 2020, ALLHC’s revenues dropped 30 percent to P3.72 billion from the P5.35 billion posted the year before.
Warehouse leasing revenues registered at P353 million, up by 23 percent from P287 million the previous year.
Industrial lot sales revenues stood at P1.28 billion, 29 percent lower compared to P1.81 billion in 2019. Commercial leasing revenues likewise posted a decline of 39 percent to P520 million from P854 million in 2019.
In spite of constraints during the pandemic, the company was able to grow its warehouse leasing gross leasable area by 18 percent from 175,000 sqm to 207,000 sqm. The company ended the year with 90,000 sqm commercial GLA from 84,000 sqm, up by 7 percent.
“The COVID-19 crisis presented both challenges and opportunities. We believe our products are well-positioned to cater to the needs of our locators, lessees and retail merchants, present and future,” said ALLHC President and CEO Maria Rowena M. Tomeldan.
She added that, “We remain committed to being a co-catalyst for pro gress, providing real estate solutions and spurring economic activity in the areas where we are present.”
ALLHC continues to expand in key areas across the country. In January 2021, ALLHC broke ground for the second phase of its warehouse facilities in Cavite Technopark in Naic, Cavite.
Upon completion, this expansion of ALogis Naic will add 16,000 sqm GLA to the already existing 13,000 sqm area of the first phase.