Ayalas’ property arm reaps benefits of economic reopening; Q2 profit jumps 51%

Property giant Ayala Land Inc. continued its growth streak in the second quarter to deliver another resilient performance.

In a disclosure to the stock exchange, ALI said its April to June net income soared 55 percent to P4.9 billion on strong rental revenues and sharp recovery in the hotel industry. This was 55 percent higher than the first quarter this year as ALI’s shopping center revenues doubled to P6.9 billion due to higher rent and tenant sales while office leasing revenues rose 12 percent to P5.4 billion with the addition of newly completed buildings.

This brings ALI’s six-month net earnings to P8.1 billion, up 34 percent year on year on the back of a nine percent rise in consolidated revenues to P28.7 billion.

Revenues from the property development business reached P34.1 billion as the 166 percent jump in commercial lot sales to P5.3 billion cushioned lower residential bookings.

ALI said residential revenues dropped nine percent to P27.4 billion due to stretched payment terms arising from the challenges of the pandemic. :ease revenues from commercial assets jumped 54 percent to P14.6 billion, driven by higher mobility.

Revenues from the office segment declined 28 percent to P1.5 billion due to limited inventory.

Second quarter residential sales, however, improved by 28 percent to P25.2 billion. ALI launched 12 projects worth P34.9 billion in the first half.

“The increased economic activity has enabled our various business segments to generate quarter-on-quarter improvements and support the growth of our diversified real estate portfolio,” said ALI president and CEO Bernard Vincent Dy.

MPIC CFO Joins WBA Allies’ Assembly 2022

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