The listed logistics arm of property giant Ayala Land Inc. booked higher profits in the first six months of the year as high demand from tenants boosted revenues.
In a stock exchange filing on Friday, AyalaLand Logistics Holdings Corp. (ALLHC), whose main business involves industrial and commercial leasing, said its net income during the period grew by 22 percent to P413 million.
Revenues surged by 73.33 percent to P2.6 billion, driven by higher lot sales at Laguindingan Technopark, its industrial park in Northern Mindanao.
Warehouse leasing revenues rose by 14 percent to P379 million as ALLHC expanded its portfolio, thus increasing overall occupancy.
Improved mall occupancy caused a 5-percent uptick in commercial leasing revenues to P466 million.
Meanwhile, fresh contributions from ALogis Artico Santo Tomas, ALLHC’s newest facility in Batangas province, drove the 8-percent increase in cold storage revenues to P92 million.
ALLHC opened the Batangas facility in May, adding 5,000 pallet positions, or designated spaces for pallets, to the company’s cold storage portfolio.
The company now has 15,300 pallet positions across four facilities.
“Our first half performance exhibits our focus on achieving operational improvements across all core businesses this year,” ALLHC president and CEO Robert Lao said in a statement.
“Alongside robust market activity, we believe our efforts to grow our asset portfolio and further enhance our industrial leasing segments will continue to position ALLHC well for growth for the remainder of 2024,” Lao added.
Pampanga Technopark
ALLHC recently launched the second phase of its warehouse facilities in Pampanga Technopark that are expected to add 18,000 square meters (sq m) of gross leasable area (GLA).
In the third quarter, the company plans to complete the first phase of ALogis Mabalacat, which will add 7,700 sq m of warehouse GLA, and ALogis Artico Mabalacat, its fifth cold storage facility that will account for 5,000 additional pallet positions.
ALLHC likewise aims to break ground for its sixth and seventh cold storage facilities within the latter half of the year in the provinces of Laguna and Cebu.
Both are expected to add a total of 11,000 pallet positions to the company’s portfolio. —Meg J. Adonis