Property developer Ayala Land Inc. said Wednesday net income grew by 41 percent in the first half of 2023 to P11.4 billion from P8.08 billion in the same period last year, driven by improvements in residential, office and mall businesses.
First-half consolidated revenues jumped 24 percent to P66 billion from P53.3 billion a year ago, ALI said in a disclosure to the stock exchange Wednesday.
“Our notable performance in the first half of 2023 reflects the sustained resilience of the property market and strong consumer activity in the geographic areas where we operate,” said ALI president and chief executive Bernard Vincent Dy.
“Leveraging the positive momentum of the economy, we will capitalize on market opportunities to enhance our diversified portfolio throughout the rest of the year,” he said.
Revenues from property development business rose 13 percent to P38.7 billion on higher residential project completion, bookings and sales of commercial and industrial lots and office units.
Residential revenues increased 14 percent to P31.2 billion, while office-for-sale revenues went up 44 percent to P2.13 billion.
Residential sales reservations in the first semester increased 18 percent year-on-year to P58.3 billion as residential demand remained resilient.
ALI launched six new projects with total sales value of P31.9 billion in the first half.
Commercial leasing revenues climbed 39 percent year-on-year to P20.2 billion on higher occupancy rate and rents.
Shopping center revenues reached P10.2 billion, a 49-percent hike from a year ago, while office leasing revenues increased 8 percent to P5.8 billion on higher tenancy and rents.
Hotel and resort revenues surged 79 percent to P4.2 billion as travel resurgence hiked occupancy and rates.
ALI said it spent P38.7 billion in the first half which primarily went to fund construction of ongoing projects and land banking activities.