Ayala Land’s 1Q24 Net Income Jumps 39% To PHP6.3 Billion

Property development giant Ayala Land, Inc. (ALI) achieved significant growth in the first quarter of 2024, with a net income of PHP6.3 billion, marking a 39% increase from the same period in the previous year.

ALI reported notable revenue increases in its property development, residential spaces, and commercial and industrial lots, with significant growth in residential reservation sales. I Photo: Ayala Land, Inc. Facebook

The company also disclosed to the Philippine Stock Exchange (PSE) that its consolidated revenues increased by 33% to PHP41. billion compared to the first quarter of 2023.

ALI reported notable revenue increases in its property development, residential spaces, and commercial and industrial lots, with significant growth in residential reservation sales.

Sales performance was driven by projects such as AyalaLand Premier’s (ALP) Park Villas in Makati CBD, The Courtyards Phase 3 in Vermosa, Alveo’s Park East Place in BGC, Sereneo in Nuvali, and Avida’s Verge Tower 1 in Mandaluyong.

Leasing and hospitality revenues also surged, attributed to higher mall occupancy and increased mall, office, and hotel rental rates. Shopping center revenues, office leasing, and hotel and resort revenues grew, as well.

Ms. Anna Ma. Margarita Bautista-Dy, President and CEO of ALI, emphasized that the company’s first quarter performance reflected its commitment to delivering on operational targets focused on high-value market opportunities.

She added, “Anchored on the resiliency of the local property market and consumer activity, we look forward to executing our plans to support our growth aspiration for 2024."

ALI’s capital expenditures totaled PHP18.8 billion, with investments allocated to residential projects, estate development, land acquisition, and commercial leasing projects.