Major property developer Ayala Land Inc. registered a net income of P33.2 billion in 2019, up 13 percent from P29.4 billion in the previous year, on aggressive project launches.
ALI said in a disclosure to the stock exchange Friday consolidated revenues rose 2 percent to P168.8 billion, driven by sales of office and commercial and industrial lots, and supported by higher contributions from new leasing formats.
Revenues from property development rose three percent to P117.6 billion, boosted by sales of office, commercial and industrial lots.
Residential sales, however, declined eight percent to P93.2 billion from P101 billion in 2018 although reservation sales climbed three percent to P145.9 billion.
Commercial leasing revenue increased 13 percent to P39.3 billion, fueled by strong contributions from newly opened malls, office and hotels.
ALI also reported that it spent P109 billion in 2019 as it continued to invest in new mixed-use developments across the country.
“We continue to serve new areas in the country and reach out to a broader market with more affordable products. This is in line with our mission to enrich the lives of more Filipinos. Furthermore, we continue to invest in all our existing estates which help spur economic activity in their respective localities,” said ALI president and chief executive Bernard Vincent Dy.
ALI in 2019 launched P158.9 billion worth of property development projects and P15.1 billion in malls, offices, and hotels resorts in 2019 as part of its thrust to build sustainable, integrated and mixed-use communities across the country.
Key development projects launched in 2019 include three new estate projects, namely the 180-hectare Cresendo in Tarlac, the 120-hectare Broadfield and the 11-hectare Junction Place in Novaliches, Quezon City.
The group’s leasing portfolio expanded with malls and offices reaching 2.1 million and 1.2 millions square meters, respectively.