Ayala Land, Inc. (ALI) registered a 40 percent jump in net income to P12.2 billion in 2021 as total revenues improved 10 percent to P106.1 billion on account of resilient operations amidst the ongoing pandemic.
In a disclosure to the Philippine Stock Exchange, ALI said that, supported by relaxed quarantine restrictions in the fourth quarter, total revenues grew 2 percent to P33.5 billion, while net income increased 54 percent to P3.6 billion quarter-on-quarter.
“Our focus in 2021 was to ensure we provided the right environment in our communities for our residents, businesses, and institutional locators to adapt and function better while executing our business recovery plans,” said Ayala Land President and CEO Bernard Vincent O. Dy.
He added that, “As the economy moves to full reopening in 2022, we look forward to the acceleration of our business activity backed by our landbank, diversified portfolio, and market-leading estate developments.”
Dy said ALI is increasing capital expenditures by 40 percent this year to P90 billion from P64 billion in 2021 as it prepares to launch P100 billion worth of new projects in 2022 from P75 billion last year.
Property development revenues grew 14 percent to P75.9 billion from construction progress and higher project bookings. Most of the revenue buildup commenced in the fourth quarter as it grew 40 percent to P24.4 billion from the third quarter.
Sales reservations for the year reached P92.2 billion, a 13 percent growth from last year, mainly from solid demand for lots in Southern Luzon by Ayala Land Premier and Alveo.
Sales reservations from lot sales alone jumped 36 percent to P41.5 billion during the year. In the fourth quarter, sales grew 5 percent to P22.1 billion from the same period in 2020.
Reflecting confidence in the local residential market, ALI launched 22 projects worth P75.3 billion during the year, seven times more than in 2020.
Meanwhile, commercial leasing revenues amounted to P20.6 billion, a 5 percent decline from a year ago as malls, hotels, and resort operations remained limited for most of the year.
Shopping center revenues declined 13 percent to P7.9 billion, and hotel and resorts revenues decreased by 12 percent to P2.8 billion.
Office leasing revenues increased 5 percent from 2020 to P9.9 billion as BPO and Corporate operations remained stable throughout the period.
Relaxed restrictions in the fourth quarter translated into higher mobility and tenant sales which boosted commercial leasing revenues by 35 percent to P6.4 billion, primarily as shopping center revenues grew 101 percent to P3.0 billion from the previous quarter and 106 percent from the same quarter in 2020.
Similarly, hotels and resorts revenues improved by 55 percent to P981 million from the third quarter of 2021 and 62 percent from the same period last year.