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Ayala Land doubles income to P5B as economy reopens
Ayala Land Inc. reported a significant 55% increase in its net income for the first nine months of 2022, reaching P13.3 billion, driven by the resurgence of business and consumer activity in the Philippines' reopened economy.
The company's consolidated revenues also saw a 19% rise, amounting to P86.3 billion during the same period.
Ayala Land president and CEO Bernard Vincent Dy attributed the strong earnings growth to the acceleration in economic activities.
Dy highlighted the continued resilience of demand for their residential products and robust local consumption, which he believes will support the sustained growth of their real estate portfolio.
Capital expenditures for the nine-month period totaled P44.7 billion, with the largest portions allocated to residential projects (55%) and estate development (17%).
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Ayala Corporation reported a 23 percent increase in net income, reaching P23.9 billion from January to September, driven by the overall improvement in economic activities.
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Robinsons Land Corporation (RLC) reported a six percent increase in net income to P6.74 billion for the first nine months of the year, largely due to a substantial 130 percent surge in third-quarter earnings.
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AREIT Inc., affiliated with Ayala Land, reported a 69.2% increase in its third-quarter net income to P814.21 million due to higher contributions from its asset infusions last year.
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