AyalaLand Logistics Holdings Corp. (ALLHC) reported a significant 74% increase in its income for the first three quarters of 2024, reaching P618 million compared to P354.12 million in the same period last year.
Revenue haul almost doubled, surging to P4 billion from P2.13 billion in 2023, driven by strong sales in industrial lots and solid growth across its leasing business segments.
Industrial lot sales generated P2.6 billion, primarily from sales at the Laguindingan Technopark and higher completion rates at various industrial estates. ALLHC said its growing portfolio of industrial real estate, particularly in logistics and warehouse leasing, is a key driver of the success.
“Our investments in leasing business segments have strengthened and diversified our industrial real estate portfolio,” said Robert S. Lao, president and CEO. “We look to deliver on our healthy pipeline of leasable properties, which will increase our recurring revenue and further solidify our position in the logistics industry.”
Leasing businesses accounted for P1.2 billion in total revenue, with warehouse leasing contributing P566 million, a notable increase from P510 million in 2023, thanks to expanded leasable areas and higher occupancy rates. Cold storage leasing saw revenue rising to P153 million from P129 million, bolstered by the addition of the ALogis Artico Santo Tomas facility. Commercial leasing also performed strongly, with revenue hitting P680 million, driven by higher mall occupancies.
In August, the company celebrated a key milestone with the topping off of the first building at the ML1 Data Center, a joint venture with Flow Digital Infrastructure. The initial phase of the data center, with a 6-MW capacity, is on track for completion.
Looking ahead, ALLHC expects to complete the first phase of its ALogis Mabalacat warehouse and cold storage facilities in the fourth quarter, adding a combined 7,700 square meters of leasable space and 5,000 cold pallet positions. Construction is also progressing on the second phase of the ALogis Mabalacat warehouse, which will contribute an additional 18,000 square meters of warehouse space upon delivery.
The company remains optimistic about the continued expansion of its logistics and real estate portfolio as it positions itself to benefit from growing demand in the industrial and logistics sectors.
