Property giant Ayala Land Inc. posted a 25-percent year-on-year jump in nine-month net profit to P10.8 billion, driven by robust property development, commercial leasing and services business units.
Consolidated revenues reached P68.3 billion for the period, 20-percent higher than a year ago, ALI said in a regulatory filing Friday.
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“As we continue to build integrated communities across the country, we remain focused on the execution and delivery of our various projects. We also continue to aggressively pursue new opportunities for development, given the robust growth of the economy,” said Bernard Vincent Dy, ALI president and chief executive officer.
ALI’s property development business, which includes the sale of residential lots and units, office spaces as well as commercial and industrial lots, racked up revenues of P47 billion, 26-percent higher than the level last year. Revenues from the residential segment alone grew by 40 percent to P40.1 billion, driven by strong bookings and project completions across all segments.
Upscale Ayala Land Premier (ALP) grew its revenues by 63 percent to P18.5 billion mainly due to significant bookings from residential lots in Soliento in Nuvali, The Courtyards in Bacoor, Cavite, Ayala Westgrove Heights in Silang, Cavite, and Ayala Greenfield Estates in Calamba, Laguna, as well as high-value condominium units such as East Gallery Place in Bonifacio Global City, Two Roxas Triangle and Garden Towers in Makati and Arbor Lanes in Arca South.
Alveo grew revenues by 11 percent to P7.2 billion due to the higher sales and completion of its new and existing projects such as High Park in Vertis North, Verve Residences and Sequoia in Bonifacio Global City, Solstice in Circuit and Kroma and Escala in Makati.
Avida grew revenues by 11 percent to P9.2 billion, anchored on higher contributions from Avida Towers Vita in Vertis North, Avida Towers BGC 34th Street, Avida Towers Verte in Bonifacio Global City and Avida Towers Riala in Cebu. Amaia grew revenues by 65 percent to P2.4 billion, primarily driven by the strong sales of Amaia Steps Nuvali, while BellaVita revenues more than doubled to P75.8 million due to bookings generated by its projects in General Trias and Alaminos.
Meanwhile, revenues from shopping centers grew by 9 percent to P8.3 billion from a year ago. Total gross leasable area (GLA) expanded by 9 percent year-on-year while occupied GLA was also up 6 percent.
ALI also saw a 19-percent increase in its revenues from office leasing operations to P3.1 billion as total GLA rose 4 percent while occupied space expanded by 11 percent.
The company’s hotels and resorts business also grew revenues by 37 percent to P4 billion from P2.9 billion last year on the back of improved performance of new hotels and resorts.