Property developer Ayala Land Inc. has projected the doubling of its 2023 bottomline in five years or by 2028.
Augusto Bengzon, Ayala Land chief financial officer, said this requires boosting its capital spending in the intervening period to fund the heightened activities.
“The capex will be quite aggressive so we will tap the market,” Bengzon said without further elaboration.
Anna Margarita Dy, Ayala Land president, said the business rounded 2023 on a high note.
“The country as a whole did better in 2023, our performance reflected that,” she said, noting Ayala Land is doing much better post-pandemic.
She also declined to explain in detail, saying the company has yet to file its annual financial statement.
Ayala Land has reported income rosing 38 percent in the first nine months of 2023 to P18.39 billion from prior year’s P13.34 billion, driven by the continuing resilience of the residential market and vibrant consumer activity despite the ongoing macroeconomic challenges.
Consolidated revenue reached P98.9 billion, 15 percent higher than only P86.31 billion a year earlier.
In the third quarter alone, its income rose 33 percent to P7 billion from prior year’s P5.26 billion. Revenue proved lower, however, to P32.9 billion from P32.97 billion.
The business grew its property development revenue by 4 percent to P57.2 billion on the basis of higher residential completion, stable bookings and office unit sales.
Residential revenue increased by 4 percent to P47.5 billion while office-for-sale revenue registered a 31 percent growth to P2.8 billion.
Revenue from commercial and industrial lots totaled P6.9 billion, down 8 percent from last year.
