AyalaLand Logistics Holdings Corp. (ALLHC), an Ayala Land, Inc. (ALI) subsidiary, reported an 18.54 percent growth in net income to P211 million in the first quarter of 2024 from the P178 million it earned in the same period last year.
In a disclosure to the Philippine Stock Exchange, the firm said its consolidated revenues surged 85.7 percent to P1.3 billion from P702 million in the first quarter last year, signaling a solid recovery from the downturn experienced in 2023.
"ALLHC's performance in the first quarter was promising and sets a positive tone for the year ahead. With all core business lines showcasing notable improvements, we look forward to sustaining this growth momentum over the course of the year," said ALLHC President and Chief Executive Officer Robert S. Lao.
He noted that "Remaining focused on our expansion objectives, we are hopeful for the steady growth and progress of our businesses this year."
Demand for industrial lots remained steady with Industrial lot sales revenues registering at P851 million. This was mainly attributable to booked lot sales at Laguindingan Technopark paired with higher completion rates for industrial estates undergoing development works.
Revenues from warehouse leasing reached P175 million, a 15 percent increase versus the same period last year, on account of higher overall occupancy. Cold storage ended the quarter with P41 million in revenues, up by 3 percent from last year.
Meanwhile, commercial leasing posted revenues of P237 million, driven by improved mall occupancies and rental rates.
This second quarter, ALLHC is expecting to complete its first build-to-suit (BTS) facility in Cavite Technopark and the ALogis Mabalacat warehouse facility in Pampanga Technopark. Together, the two facilities will add 22,000 square meters of warehouse gross leasable area upon construction completion.
ALLHC is also set to open its ALogis Artico Santo Tomas and ALogis Artico Mabalacat cold storage facilities within the period. Both facilities will add 5,000 pallet positions each to ALLHC's portfolio.
Likewise, ALLHC will be launching the second phase of its ALogis Mabalacat warehouse facility within the second quarter. This expansion is expected to add 18,000 square meters of gross leasable area in the warehouse portfolio upon delivery.
These projects are in line with the company's direction to build up its asset portfolio and strengthen its leasing segments.