Property giant Ayala Land Inc. (ALI) grew net profit last year by 13 percent to P33.2 billion, driven by higher earnings from office, commercial and industrial lot sales alongside new leasing formats.
For the fourth quarter alone, ALI’s net profit grew by 15 percent year-on-year to P9.97 billion, driven by a 1.2-percent rise in revenues to P47 billion.
For full-year 2019, property development revenues reached P117.6 billion, marginally higher than P113.4 billion in the previous year, ALI disclosed to the Philippine Stock Exchange on Friday.
As an indicator of future revenue growth, sales reservations amounted to P145.9 billion, 3 percent higher than the previous, led by the growth of the ALVEO and Avida brand.
Meanwhile, newly opened malls, offices and hotels drove the expansion in commercial leasing revenues which increased 13 percent to P39.3 billion.