Vista Land & Lifescapes Inc. and AllDay Supermarket, both owned by the Villar family, posted double-digit growth in their first quarter profits, showing strong resilience amid macroeconomic challenges.
Vista Land said in a statement Thursday its first quarter net income jumped 11 percent year-on-year to P3 billion on higher revenues from residential and leasing businesses.
The company reported first-quarter consolidated revenues of P10 billion, up 11 percent from a year ago. Real estate revenue reached P5 billion, while rental income amounted to P4.1 billion in the three-month period.
“We look forward to 2024 as we will continue with our asset maximation and optimization strategy via our Vista Estates which now stand at 26 across the country. We remain optimistic with the industry as we continued with our project launches which in turn delivered a 12 percent growth in our reservation sales to P20.8 billion for the quarter,” Vista Land chairman Manuel Villar Jr said.
The property firm launched P10.1 billion worth of real estate projects in the first three months of the year.
Vista Land president Paolo Villar said the company budgeted P30 billion for 2024 capital expenditures, 98 percent of which would be for residential units’ construction and land development.
Land acquisition as well as investment properties construction will account for the remaining two percent of the budget,”
“Our performance for 1Q 2024 has been in line with our asset optimization strategy. Both our residential and commercial businesses registered growth for the quarter,” Villar said.
“We will also continue to maximize our leasable space which is currently at 1.6 million sqm of gross floor area or over 100 investment properties consisting of 42 malls, 56 commercial buildings and 7 office buildings,” he added.
Meanwhile, AllDay Supermarket, the grocery chain owned by the Villar Group, booked first-quarter net income of P97 million, up 10.2 percent from P88 million a year ago.
AllDay president and chief executive Frances Rosalie Coloma said the company managed to register higher first-quarter profit despite a challenging quarter punctuated by decreased household spending and elevated prices.
The supermarket chain attributed the group’s positive performance to the continuous improvement of its range, offering more international selections and the recent opening of four new minimarts.
“AllDay’s stable position through the first quarter can be credited to continuing gains from our importation and, in part, through our new minimarts. We established a foothold in the communities of Camella East and Ponticelli in Bacoor, Maia Alta in Antipolo, and along Governor’s Drive in Dasmarinas, and look forward to building on the elevated supermarket experience we have long bannered across the chain,” Coloma said.