Ayala Land nets P33.2 billion in 2019
MANILA, Philippines – Ayala Land’s net income grew by 13% to P33.2 billion in 2019, on the back of higher office and commercial lot sales and new leasing formats.
In a disclosure to the Philippine Stock Exchange on Friday, February 14, the property giant said its revenues reached P168.8 billion, 2% higher than in 2018.
Property development revenues reached P117.6 billion, while its sales reservations amounted to P145.9 billion, driven by its Alveo and Avida brands.
New malls, offices, and hotels, drove expansion in commercial leasing revenues to P39.3 billion, 13% higher year-on-year.
Ayala Land said it surpassed its P100 billion capital expenditure (capex) target for 2019, as it continued to invest in new mixed-use developments across the country. Capex in 2019 reached P109 billion, equivalent to 64% of gross revenues.
Some of its new projects were launched outside the capital, particularly in Tarlac and Laguna. It launched a total of P158.9 billion worth of property development projects and P15.1 billion in malls, offices, and hotel resorts in 2019.
“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 Bernard Vincent Dy, Ayala Land president and chief executive officer. – Rappler.com