Property giant Ayala Land Inc. posted an 18-percent year-on-year growth in its net income in the first nine months of the year to P17.8 billion on the back of a double-digit growth in combined revenue from property development and leasing portfolio.
Optimistic on its growth trajectory, ALI aims to hit an annual net income of P40 billion in 2020.
Consolidated revenue amounted to P98.9 billion in the first three quarters of the year, 16 percent higher year-on-year, ALI disclosed to the Philippine Stock Exchange yesterday.
Exceeding targets, property sales reached P94.2 billion, 12 percent up from P84.32 billion a year ago.
Combined revenue from shopping centers, offices, hotels and resorts also grew by 10 percent to P21.1 billion.
“We have seen a marked increase in our residential property sales in the first three quarters of 2017. Together with the continued build-up of our leasing assets, this has led to a strong top and bottom line growth for the company. We remain committed to introducing market-responsive products that will better serve our customers and sustain the business results of the company,” said ALI president and CEO Bernard Vincent Dy.
Total revenue from property development—including sales of residential lots and units, office spaces—as well as commercial and industrial lots, hit P68.4 billion in nine months, up 30 percent from year-ago level.
ALI brought to the property market P53.9 billion worth of residential and office for sale projects in the past nine months.
Recurring income businesses likewise posted gains. Shopping centers reported P11.8 billion in revenue with its total gross leasable area (GLA) reaching 1.7 million square meters. —DORIS DUMLAO-ABADILLA