LEADING housing developer Vista Land & Lifescapes grew its net profit last year by 13 percent to P5.7 billion, a record high for the Villar-led firm, as the robust property market sustained a double-digit rise in revenues.
In a disclosure to the Philippine Stock Exchange (PSE) on Wednesday, the company also stated that its revenues from real estate sales hit a record level of P22.2 billion last year, 11 percent higher than the previous year.
“We are very pleased to report that 2014 is another banner year for the company,” said Manuel Paolo Villar, Vista Land’s president and chief executive officer. “Our strategy is paying off and given the strength of the property market, particularly in the housing sector, we will continue to focus on bringing our housing brands to families around the country,” he added.
Gross margin for the year was stable at 50.68 percent versus 50.72 percent in 2013.
As an indicator of future revenue growth, reservation sales last year went up by 12 percent to P51.71 billion.
Vista Land is the holding company of five business units, Brittany, Crown Asia, Camella Homes, Communities Philippines, and Vista Residences.
Villar said Vista Land was riding on the back of “rising middle class” in the Philippines. “We are already seeing affordability increasing not just in Metro Manila but also in the provincial areas. Thus, we continue to add to our existing footprint of 34 provinces, 76 cities and municipalities around the country,” he said. “We are also ramping up our commercial developments within or near our existing residential developments to build up our recurring revenue base while enhancing the value of our residential projects,” he also added.
Vista Land chair Manuel Villar Jr., reported that the company was expecting continued strong performance in 2015. “The market demand for housing, particularly in the lower end of the market, continues to be robust and we don’t see any risk of a slowdown in that segment,” he said.
The company’s total consolidated assets as of year-end 2014 totalled P106.8 billion compared to the 2013 year-end level of P84.5 billion. It has a landbank of 2,111.8 hectares nationwide.