Vista Land 9-month profit jumps 70%
MANILA -Tycoon Manuel Villar Jr.’s Vista Land & Lifescapes saw profits during the first nine months of the year surged by 70 percent to P8.2 billion on strong sales.
Revenues from January to September this year reached P27.4 billion, up 18 percent versus the same period in 2022.
“We have been launching more projects this year which was a factor in the 10-percent growth in our reservation sales to P53.1 billion for the period,” Villar, who is the chair of Vista Land, said in a statement on Thursday.
The builder launched a total of 27 projects this year, which were valued at about P40 billion, the statement showed.
“With the holiday season approaching, we eagerly anticipate welcoming an increased number of customers to our commercial centers as well as our overseas Filipinos coming home during the holidays which bodes well for our residential sales,” Villar said.
“As we move forward, our aim is to maximize our existing resources specifically our land as we remain committed to our mission of building communities across the Philippines that stand the test of time,” he added.
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Vista Land said growth was driven by real estate revenues, which climbed 17 percent to P12.2 billion while rental income hit P11.8 billion during the nine-month period.
It said profit margins at its residential unit also increased by 400 basis points to 59 percent despite cost pressures.
“We are consistently enhancing our residential business by offering more vertical and upscale projects, while our leasing sector is maintaining its growth trajectory for the period,” Vista Land president and CEO Manuel Paolo A. Villar said on Thursday.
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“The demand for our residential developments, spanning both horizontal and vertical segments, remains robust and sustained, with the strong interest from overseas Filipino buyers, constituting approximately 60 percent of our total sales,” he added.
Vista Land ended the nine-month period with assets of P337.8 billion and equity of P130.9 billion. It deployed P21.3 billion for capital spending, which mainly went to construction and land development.
“Our strategic approach to maximizing prime land is actively underway, with the continuous launch of Vista Estates nationwide. Currently, our land bank spans over 3,085 hectares and is strategically located across the country,” Paolo Villar said.
