Ayala Land bullish on property outlook

Property developer Ayala Land Inc. (ALI) plans to hike its investments this year following what it claims were strong results in 2023, according to a report by Manila Times.

"We ended [last year] on a positive note, on a high note," Anna Ma. Margarita Dy, ALI president and chief executive officer, told reporters on Wednesday.

"The country as a whole was better off in 2023, so I think our performance also reflects that," she said, adding that the company was maintaining a positive outlook for this year.

Augusto Bengzon, the company's chief financial officer, said ALI would be tapping the market this year to support "aggressive" capital expenditures (capex). The company has yet to disclose its 2024 capex.

Dy said all of ALI's business segments had already recovered and were "doing much better than the post-pandemic years."

In the first nine months of 2023, the property developer booked a 38-percent year-on-year increase in net income to P18.4 billion on the robust performances of its businesses.

The strong contributions were a "testament to the continuing resilience of the residential market and vibrant consumer activity despite ongoing macroeconomic challenges," Dy previously said.

Last week, ALI reported that it had secured a 10-year loan amounting to P15 billion from Metropolitan Bank & Trust Co. to further boost its growth.

On Wednesday, the company's share price fell by 5 centavos, or 0.14 percent, to P34.45 amid a 1.09-percent drop in the benchmark Philippine Stock Exchange index.