Ayala Land Nets P8.6 Billion
Ayala Land Inc. (ALI) recorded consolidated revenues of P72.6 billion and net income of P8.6 billion in the first nine months of 2021, up 15% and 35% respectively, compared to the same period in 2020, as business operations continued to improve despite the reimposition of stricter quarantine restrictions from August to September.
Photo Insert: ALI President and CEO Bernard Vincent O. Dy.
In the third quarter alone, the company posted a net income of P2.6 billion, a 38% growth from the same quarter last year. Driven by continuing construction progress and higher bookings, ALI’s property development revenues rose 27% to P51.5 billion.
Sales reservations for the first nine months of 2021 also grew by 15% to P70.1 billion largely due to the strong sales performance earlier in the year. ALI generated P21.8 billion in sales in the third quarter, 11% higher than the second quarter of 2021, but a slight drop of 3% quarter-on-quarter, reflecting sustained demand despite the ECQ.
“Our business recovery was sustained despite the reimposition of stricter quarantine measures last August. This was led by our residential business which continued to benefit from stable construction and sales this year,” said ALI President and CEO Bernard Vincent O. Dy.
“We remain positive that with the reopening of the economy, business activity will gain momentum in the fourth quarter, especially for segments like our malls, hotels, and resorts which broadly rely on increased mobility.”
Despite mobility restrictions during the third quarter, four new projects worth P13.0 billion were launched. These include Ayala Land Premier’s Ayala Greenfield Estates 4C Tranche 1 in Calamba, Laguna, and Lanewood Hills Phase 2 in Silang, Cavite; Avida’s Centralis Towers in Pasay City; and Amaia’s Steps Pasig Clara. Ayala Land launched a total of 18 projects in the first nine months of this year with a combined value of P59.1 billion, significantly higher than full-year 2020 launches of P10.6 billion, as the company responded to stronger demand in the residential market.