Ayala Land's income rises 15% in 3 quarters

Property developer Ayala Land, Inc. (ALI) reported a 15% increase in net income to P21.2 billion in the first nine months of 2024, compared to the same period last year.

Consolidated revenues surged 27% to P125.2 billion, driven by strong property demand and consumer activity.

Property development revenues rose 34% to P76.6 billion, fueled by higher residential and commercial lot bookings. Residential revenues improved 35% to P64.2 billion, while revenues from commercial and industrial lots surged 51% to P10.4 billion. Office-for-sale revenues for the period totaled P2 billion, primarily from project bookings.

Nine-month residential sales reservations increased 17% to P100.5 billion, driven by the premium market.

"We are pleased with the solid results delivered across our business lines," said ALI President and CEO Anna Ma. Margarita Bautista-Dy. "With signs of market headwinds clearing, coupled with our reinvention initiatives, we look forward to continue delivering high-quality products to our stakeholders," she added.   

The company's strong sales performance translated into a monthly average of P11.2 billion, surpassing the P9.5 billion average in the previous year.

Total launches for the period reached P45.6 billion, with a 51-49 split between vertical and horizontal projects. Notable third-quarter launches included AyalaLand Premier's (ALP) Orchard Vistas at Anvaya Cove in Bataan and Ayala Greenfield Estates Brookside Park in Calamba, Laguna; Avida's mid-rise condominium offering, Sentria Storeys Vermosa in Cavite; and the second tower of Amaia Skies Sta. Mesa in Manila.

Meanwhile, leasing and hospitality revenues totaled P33.2 billion, or 8% higher than in 2023, driven by contributions from new assets such as One Ayala Mall and East and West Office towers, Ayala Triangle Gardens Tower Two, and Seda Manila Bay. Shopping center revenues advanced 7% to P16.7 billion, while office leasing grew by 7% to P9.4 billion.

Hotel and resort revenues reached P7.1 billion, up 13% year-on-year.

The company's capital expenditures reached P51.9 billion, with 49% allocated to residential projects, 27% to estate development, 13% to leasing and hospitality assets, and 11% to land acquisition commitments.