PROPERTY developer Ayala Land Inc. (ALI) said Wednesday it expects to double its net income by 2028.
ALI chief finance officer Augusto Bengzon said in an interview the group prepared a new five-year plan aimed at doubling its profit from 2024 to 2028.
“Our aspiration is to double our business in five years, so you can expect more this year compared to last year,” Bengzon said.
Bengzon said that as interest rates were expected to start easing in the latter part of 2024, the group saw a lot of opportunities in the market. The plan is to tap the market to help finance its projects in the pipeline, he said.
ALI in December signed a 10-year loan with Metropolitan Bank & Trust Co. worth P15 billion as part of its fund-raising activity.
ALI president and chief executive Margarita Anna Ma. Margarita Dy said the company ended 2023 on a positive note as most businesses performed and recovered from the impact of the pandemic.
“The country as a whole was better off in 2023. So, I think our performance also reflects that,” Dy said.
ALI’s net income grew 38 percent in the first nine months of 2023 to 18.4 billion from a year earlier, while consolidated revenues went up 15 percent to P98.9 billion.
ALI launched 11 new projects with total sales value of P36.3 billion in the nine-month period.
Property development revenues inched up by 4 percent to P57.2 billion on higher residential completion, stable bookings and office unit sales, it said.
Residential revenues rose 4 percent to P47.5 billion, while office-for-sale revenues climbed 31 percent to P2.8 billion. Sales from commercial and industrial lots went down by 8 percent to P6.9 billion.
The share price of ALI closed lower by P0.050 to P34.45 Wednesday.