Vista Land's net income rose 10% in three quarters

Vista Land & Lifescapes Inc.'s net income grew 10 percent year-on-year to P9.1 billion in the first three quarters of 2024, on the back of strong sales of residential projects outside Metro Manila.

The company’s nine-month consolidated revenues reached P29.1 billion, a 7% increase from the previous year. Real estate revenue accounted for P13.6 billion, up 12%, while rental income reached P12.4 billion.

Vista Land launched projects nationwide with a total sales value of P32.6 billion from January to September.

“Our performance so far reflects our commitment to our set strategy of asset maximization and optimization as we capitalized on the strong demand from residential projects specifically outside Metro Manila where we have the widest coverage,” said Manuel Villar Jr., Vista Land chairman.

Villar said the company’s presence in 147 cities and municipalities across the country helped mitigate the impact of slowing demand for residential properties in Metro Manila due to the Philippine Offshore Gaming Operators (POGO) ban.

“We are now reaping the fruits of our various Vista Estate projects across the country, which is one of the factors in the sustained growth in our reservation sales which amounted to P58.4 billion as of the end of the period. We remain optimistic about the industry, especially in the provincial areas where demand continues to rise,” Villar said.

Manuel Paolo Villar, Vista Land president, said the company also managed its liabilities by refinancing its $350 million maturity with the issuance of new dollar notes due 2029.

“We are done with the 2029 dollar notes issuance. What we will be looking at next year is a liability management exercise for our dollar notes maturing in 2027,” he said.

Vista Land allotted P21.2 billion in capital expenditures in the first nine months. Of this amount, 70% was allocated to project construction, 28% to land development, and 2% to land acquisition.