Ayala Land nets P11.4B in H1, up 41%

Property giant Ayala Land Inc. posted a double-digit increase in its bottom line in the first half of 2023.

In a disclosure to the Philippine Stock Exchange on Wednesday, Ayala Land reported a net income of P11.4 billion, up 41% year-on-year.

The company attributed its January-June performance to "sustained resilience of the property market and consumer activity despite prevailing macroeconomic concerns."

Ayala Land also booked consolidated revenues of P66 billion in the first half, up 24% year-on-year.

The property developer said it grew its property development revenues by 13% to P38.7 billion, with higher residential project completion, bookings, and sales of commercial and industrial lots and office units.

Residential revenues also rose 14% to P31.2 billion, while office-for-sale revenues jumped 44%.

Revenues from commercial and industrial lots totaled P5.4 billion.

"Our notable performance in the first half of 2023 reflects the sustained resilience of the property market and strong consumer activity in the geographic areas where we operate," said Ayala Land president and CEO Bernard Vincent Dy.

"Leveraging the positive momentum of the economy, we will capitalize on market opportunities to enhance our diversified portfolio throughout the rest of the year," he added. —VBL, GMA Integrated News