Ayala Land, Inc. (ALI) demonstrated strong growth for the first three quarters of 2024, reporting a net income of P21.2 billion, a 15% increase compared to the previous year. This performance was supported by steady property demand and vibrant consumer activity, which boosted consolidated revenues by 27% to reach P125.2 billion.
Property development revenue rose by 34% to P76.6 billion, spurred by higher bookings for residential and commercial lots. Residential revenues grew by 35% to P64.2 billion, and commercial and industrial lot sales surged by 51% to P10.4 billion. Office-for-sale revenues for the period reached P2.0 billion, driven primarily by project bookings.
Residential sales reservations for the nine months increased by 17% to P100.5 billion, propelled by demand in the premium market. Monthly sales averaged P11.2 billion, outperforming last year’s average of P9.5 billion. Total project launches for the period amounted to P45.6 billion, with a 51-49 split between vertical and horizontal projects. Noteworthy launches in the third quarter included AyalaLand Premier’s Orchard Vistas at Anvaya Cove in Bataan, Ayala Greenfield Estates Brookside Park in Calamba, Laguna, Avida’s Sentria Storeys Vermosa in Cavite, and Amaia Skies Sta. Mesa’s second tower in Manila.
Leasing and hospitality revenues reached P33.2 billion, an 8% increase over 2023, due to new assets like One Ayala Mall, East and West Office towers, Ayala Triangle Gardens Tower Two, and Seda Manila Bay. Shopping center revenue grew by 7% to P16.7 billion, office leasing expanded by 7% to P9.4 billion, and hotel and resort revenue rose by 13% to P7.1 billion.
Service businesses, including construction, property management, and other ancillary services, saw a 54% increase, totaling P12.8 billion. Net construction revenue from Makati Development Corporation nearly doubled to P8.5 billion, driven by new contracts for external projects. Property management and ancillary services rose by 9% to P4.3 billion, with significant contributions from airline ticket sales and property management fees.
“We are pleased with the solid results delivered across our business lines,” remarked ALI President and CEO Ms. Anna Ma. Margarita Bautista-Dy. “With market headwinds showing signs of clearing and our reinvention initiatives underway, we are excited to continue providing high-quality products to our stakeholders,” she added.
Capital expenditures totaled P51.9 billion, with allocations of 49% for residential projects, 27% for estate development, 13% for leasing and hospitality, and 11% for land acquisitions.
As of September 2024, ALI maintained a robust net gearing ratio of 0.70:1 and an interest coverage ratio of 5.3x. On October 24, Ayala Land announced a second-half dividend of P0.2913 per share, totaling P4.3 billion. This brings the full-year dividend to P0.4963 per share or P7.4 billion. Combined with P6.5 billion in share buybacks by September, ALI has returned P13.9 billion to shareholders, amounting to 57% of last year’s net income.
#Released
