Zobel-led real estate giant Ayala Land Inc. (ALI) sustained its solid earnings growth momentum for the first nine months of 2024 with a 15 percent net income growth to P21.2 billion from P18 billion in the same period last year.
In a disclosure to the Philippine Stock Exchange (PSE), the firm said that, anchored on resilient property demand and consumer activity, consolidated revenues increased 27 percent to P125.2 billion from P98.9 billion.
“We are pleased with the solid results delivered across our business lines,” said ALI President and CEO Anna Ma. Margarita Bautista-Dy.
She added that “with signs of market headwinds clearing, coupled with our reinvention initiatives, we look forward to continue delivering high-quality products to our stakeholders.”
Property development revenues rose 34 percent to P76.6 billion, on the back of higher residential and commercial lot bookings.
Residential revenues improved 35 percent to P64.2 billion, while revenues from commercial and industrial lots surged 51 percent to P10.4 billion. Office-for-sale revenues for the period stood at P2 billion mainly from project bookings.
Nine-month residential sales reservations increased 17 percent to P100.5 billion, driven by the premium market.
The company’s strong sales performance translated to a monthly average of P11.2 billion—better than the P9.5 billion average during the previous year. Total launches for the period reached P45.6 billion, with a 51-49 split between vertical and horizontal projects.
Meanwhile, leasing and hospitality revenues totaled P33.2 billion, eight percent higher than in 2023 owing to the contribution of new assets namely, One Ayala Mall and East and West Office towers, Ayala Triangle Gardens Tower Two, and Seda Manila Bay.
Shopping center revenues advanced seven percent to P16.7 billion, while office leasing grew by seven percent to P9.4 billion. Hotel and resort revenues reached P7.1 billion, up 13 percent year-on-year.
Service businesses composed of construction, property management and other ancillary services grew 54 percent to P12.8 billion. Makati Development Corporation’s net construction revenues nearly doubled to P8.5 billion, on account of additional contracts from external projects.
Property Management and other ancillary services registered a nine percent improvement to P4.3 billion, mainly from airline ticket sales and property management fees.
Capital expenditures reached P51.9 billion, of which 49 percent were spent on the build out of residential projects, 27 percent on estate development, 13 percent on leasing and hospitality assets, and 11 percent on land acquisition commitments.