Property developer Ayala Land Inc. said Wednesday net income jumped 21 percent in 2017 to P25.3 billion from a year ago, on aggressive rollout of development and leasing projects.
Ayala Land said revenues grew 14 percent last year to P142.3 billion, as property sales rose 13 percent to P122 billion while leasing revenues increased 10 percent to P31 billion.
“We are pleased with our 2017 business results. All major product lines posted strong growth, with property sales coming in at the higher end of our estimates and leasing income increasing in line with our planned asset build up. Further, we continue to expand our estates and land bank around the country - putting us in a good position to continue to benefit from the strong performance of our economy,” said Ayala Land president and chief executive Bernard Vincent Dy.
Ayala Land launched P88.8 billion worth of residential and office projects in 2017.
The property giant said 2017 was a landmark year for the company as it completed the most number of projects which helped expand its leasing capability.
The company opened five malls last year with a combined gross leasable area of 189,000 square meters, bringing the company’s shopping center GLA to 1.8 million sqm.
Revenues from the malls reached P17.7 billion, or 10 percent higher than in 2016.
The group completed six office buildings with GLA of 185,000 sqm, boosting the company’s office leasing space to 1.02 million sqm in 2017.
Revenues from office leasing amounted to P6.7 billion in 2017, or 12 percent higher than in 2016.
Ayala Land also opened six new hotels and resorts facilities, including Seda Vertis North with 438 rooms, the largest hotel under its own Filipino-branded hotel chain.
Revenues from its tourism-focused business reached P6.6 billion, up 12 percent from 2016.
Ayala Land launched three new sustainable mixed-use estates with a total area of 275 hectares in 2017.
“As we expand our footprint in key geographical areas, we plan to reach more people and be part of nation-building by creating sustainable communities that are safe and connected, mindful of the environment, and serve as thriving economic districts,” said Dy.
Ayala Land said it spent P91.4 billion in 2017, with 48 percent of the budget allocated to residential developments, 29 percent to commercial leasing projects and 23 percent to land acquisition and estates.