MANILA, Philippines — Property giant Ayala Land Inc. (ALI) saw its earnings rise by 13 percent to P33.2 billion last year behind strong revenues across its business operations.
ALI said its total revenues grew by two percent to P168.8 billion in 2019, driven by office, commercial and industrial lots sales and higher contributions from new leasing formats.
Property development revenues reached P117.6 billion while sales reservations hit P145.9 billion last year as ALVEO and Avida brands registered growth in reservations.
Meanwhile, ALI said newly opened malls, offices and hotels drove the expansion in commercial leasing revenues which jumped 13 percent to P39.3 billion.
The firm’s shopping center revenues posted an 11 percent year-on-year growth to P22 billion on the back of increased contributions from Ayala Malls Feliz, Capitol Central and Circuit Makati--three new shopping centers which increased ALI’s malls footprint to 2.12 million sqm.
Better performance of its office assets in Ayala North Exchange, Vertis North, and Circuit Makati, meanwhile, lifted office revenues by 12 percent to P9.7 billion.
Revenues from hotels and resorts soared by 19 percent last year to P7.6 billion on strong patronage of Seda Ayala Center Cebu and Seda Lio.
ALI ended 2019 with 3,705 hotel and resort rooms after adding 797 rooms last year.
Overall, ALI launched P158.9 billion worth of property development projects and P15.1 billion in malls, offices, and hotels resorts last year.
The firm for the second consecutive year surpassed its P100 billion capital expenditure target as it continued to invest in new mixed-use developments across the country.
ALI said these developments nationwide have contributed to sustaining existing construction jobs and creating new employment opportunities.
“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,” ALI president and CEO Bernard Vincent Dy said.