Ayala Land net income reached P28.2B in 2024

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MANILA, Philippines — Real estate giant Ayala Land Inc. (ALI) defied the residential industry’s weakness last year after posting a net income of P28.2 billion, up by 15 percent, buoyed by gains across all its business units.

The Zobel family-led developer said in a regulatory filing on Thursday that its top line likewise surged by 21 percent to a record P180.7 billion.

Revenues from its property development business rose by 22 percent to P112.9 billion on the back of higher residential and estate lot bookings.

READ: Ayala Land eyes 78,000 sqm of new retail space

Residential revenues saw a 23-percent uptick to P94.9 billion.

Commercial and industrial lot revenues, meanwhile, swelled by 34 percent to P14.6 billion due to high demand outside Metro Manila.

Residential sales reservations reached P127.1 billion, up by 12 percent.

Its leasing and hospitality unit contributed P45.6 billion in revenues, up by 9 percent, driven by “healthy operations of existing assets.”

One Ayala Mall and business process outsourcing towers, Ayala Triangle Gardens Tower Two and Seda Manila Bay, ALI’s new assets, likewise contributed to overall growth.

“We look forward to the year and are excited to bring innovative residential and leasing offerings to our customers, expand our market reach and capture new business opportunities,” ALI president and CEO Anna Ma. Margarita Bautista-Dy said in a statement.