Vista Land books P6.4B net income, up 11% in H1 2024

Villar-led property giant Vista Land & Lifescapes Inc. posted a net income of P6.4 billion in the first half of 2024, growing 11% from a year earlier.

In a disclosure to the Philippine Stock Exchange on Friday, Vista Land reported consolidated revenues of P19.9 billion for the January to June period, up 8% year-on-year.

The company’s real estate revenues and rental income amounted to P9.6 billion and P8.5 billion, respectively.

Vista Land said it launched several projects nationwide with a total value of P22.2 billion.

“We are pleased with our performance in the first semester of 2024, as we have maintained our growth trajectory. We are committed to continuing our strategy of asset maximization and optimization through Vista Estates, which now encompasses 26 locations nationwide," said Vista Land chairman Manuel Villar Jr.

“This year’s increased project launches contribute significantly to our extensive project pipeline and have positively impacted our reservation sales, which totaled P39.2 billion for the first semester a 10% increase compared to the same period last year,“ he added.

For his part, Vista Land president and CEO Manuel Paolo Villar said the company ended the first semester of the year with 1.6 million square meters (sqm) gross floor area across more than 100 commercial properties, including 42 malls, 59 commercial centers, and seven office buildings. 

“Foot traffic is increasing as more people return to our malls and commercial spaces. With a land bank of 2,969.0 hectares, we plan to launch more upscale and vertical residential projects, integrated with commercial developments in our master-planned communities, to maximize our prime land,” said the younger Villar.

Vista Land said it has zero exposure to Philippine Offshore Gaming Operations (POGO) in both its residential and office properties. 

As a result, it said the recent ban on POGO operations in the Philippines, which took effect on July 22, has had no impact on the company. —VAL, GMA Integrated News