Ayala Land’s 9-month net income jumps 38% to P18.4B

MANILA  -Property giant Ayala Land Inc. saw profits soar 38 percent to P18.4 billion during the first nine months of the year on strong mall revenues and stable housing sales.

Total revenues from January to September expanded by 15 percent to P98.9 billion versus the same period last year, a stock exchange filing on Wednesday showed.

“The strong performance of our various business lines in the first nine months of 2023 is a testament to the continuing resilience of the residential market and vibrant consumer activity despite ongoing macroeconomic challenges,” Ayala Land CEO Anna Ma. Margarita Bautista-Dy said in the filing.

“This positive trend, guided by our new focus on quality, people, sustainability, and growth, will enable us to strengthen our diversified portfolio and further enhance earnings,” she added.

Growth was driven by commercial leasing revenues, which gained 32 percent to P30.8 billion.

Shopping center revenues alone surged 40 percent to P15.7 billion while office leasing grew by 7 percent to P8.8 billion. Hotels and resorts also jumped 62 percent to P6.3 billion.

Ayala Land’s flagship residential business posted revenue growth of 4 percent to P47.5 billion while office-for-sale revenues registered a 31 increase to P2.8 billion. Moreover, sales from commercial and industrial lots grew 8 percent to P6.9 billion.

“We will continue to focus on high-value market opportunities and meeting our operating targets to sustain our momentum for the year,” Bautista-Dy said on Wednesday.

From January to September, Ayala Land’s capital spending reached P57.6 billion or nearly 68 percent of its full-year budget of P85 billion.

The builder said 54 percent was spent on residential projects, 9 percent on commercial projects, 18 percent on land acquisition, 17 percent on estate development, and 2 percent for other purposes. It also launched the 789-hectare Southmont Estate in Silang Cavite last September, bringing its total count to 50 estates nationwide.