ALI 9M23 Net Income Up 38% to P18.4B

Ayala Land, Inc. (ALI) maintained a strong growth trend in the first nine months of 2023, driven by the continuing resilience of the residential market and vibrant consumer activity despite ongoing macroeconomic challenges. ALI posted total net income of P18.4 billion and consolidated revenues of P98.9 billion, up by 38 percent and 15 percent, respectively, year on year. 

ALI grew its property development revenues by 4 percent to P57.2 billion from higher residential completion, stable bookings, and office unit sales. Residential revenues increased by 4 percent to P47.5 billion, while office-for-sale revenues registered a 31 percent growth from last year to P2.8 billion. Meanwhile, revenues from commercial and industrial lots totaled P6.9 billion, 8 percent less than last year.  

Capital expenditures reached P57.6 billion, wherein 54 percent was spent on residential projects, 9 percent on commercial projects, 18 percent on land acquisition, 17 percent on estate development, and 2 percent for other purposes. ALI has a well-managed debt portfolio with an average maturity of 4.6 years, 93 percent contracted into long-term tenors, and 84 percent locked in fixed rates. The net gearing ratio stands at 0.75:1, while the interest coverage ratio is 4.4x.

The ALI group launched five new projects in the third quarter with a combined value of P4.4 billion, namely, AyalaLand Premier’s Ayala Greenfield Estates Parkside Terraces Tranche 2; Andacillo Tranche 5; and Lanewood Hills Phase 3 Batch 3; Avida’s first mid-rise condominium offering in Nuvali, Solara Park Storeys; and Amaia’s Scapes Cabuyao Sector 4.  These developments bring ALI’s total launches to 11 projects valued at P36.3 billion.  

In September, ALI launched the 789-hectare Southmont Estate in Silang, Cavite, bringing its total count to 50 estates nationwide. Southmont is positioned as an “elevated modern suburb” with direct access to the Cavite-Laguna Expressway (CALAX) through the Silang East Interchange. It will also host a three-hectare sports club and Chang Kai Shek College. The estate will have an initial development cost of P12 billion.

Read the full disclosure and press statement on the company website or PSE Edge.