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Ayala Land posts 40% rise in net income in 2021

Property development giant Ayala Land Inc. (ALI) saw a double digit growth in its bottom line last year on the back of resilient operations amid the COVID-19 pandemic.

In a disclosure to the Philippine Stock Exchange on Tuesday, ALI reported a net income of P12.2 billion, up 40% year-on-year on the back of 10% growth in total revenues of P106.1 billion.

Sales reservations for the year reached P92.2 billion, up 13% from last year, mainly due to solid demand for lots in Southern Luzon by Ayala Land Premier and Alveo.

Sales reservations from lot sales jumped 36% to P41.5 billion.

Commercial leasing revenues amounted to P20.6 billion, down 5% from a year ago as malls, hotels, and resort operations remained limited for most of the year due to COVID-19 restrictions, ALI said.

Shopping center revenues also declined 13% to P7.9 billion, and hotel and resorts revenues decreased by 12% to P2.8 billion.

Office leasing revenues increased 5% from 2020 to P9.9 billion as business process outsourcing and corporate operations remained stable throughout the period.

ALI reported P64 billion in capital expenditures, with 52% going to residential projects, 17% to land acquisition, 15% to commercial projects, and 14% to estate development.

“Our focus in 2021 was to ensure we provided the right environment in our communities for our residents, businesses, and institutional locators to adapt and function better while executing our business recovery plans," said Bernard Vincent Dy, Ayala Land president and CEO.

"As the economy moves to full reopening in 2022, we look forward to the acceleration of our business activity backed by our landbank, diversified portfolio, and market-leading estate developments,” he added.  — VBL, GMA News