Buoyed by steady property sales and a growing leasing portfolio, Ayala Land, Inc. (ALI) booked P21.4 billion in net income for the first nine months, only about a percent higher than P21.2 billion in the same period last year. 

In a Monday stock exchange report, the company said consolidated revenues from January to September edged up to P121.8 billion from P125.2 billion a year ago. 

The listed property arm of the Ayala Group said revenues from the Property Development segment reached P75.9 billion, supported by stable Premium Residential bookings, improved third-quarter Core Residential revenues, and higher commercial lot and office-for-sale sales, which offset softer residential performance. 

Combined revenues from office and commercial and industrial lot sales climbed 3 percent year-on-year to P12.8 billion, driven by strong first-semester lot sales and office-for-sale bookings at Makati CBD, Vertis North, and Arca South.

“Ayala Land continues to navigate market challenges with discipline and focus,” ALI President and CEO Anna Ma. Margarita Bautista-Dy said.

“We remain committed to expanding our leasing portfolio, enhancing property development fundamentals, and driving disciplined execution and capital efficiency. These, together with our quality improvements, are the key ingredients that will enable Ayala Land to sustain long-term growth,” she added.

ALI’s Leasing and Hospitality portfolio supported overall growth, with revenues rising 6 percent to P35.1 billion. Shopping Center revenues increased 4 percent to P17.4 billion, boosted by contributions from new malls and strong operations of existing centers. 

Office Leasing revenues expanded 6 percent to P9 billion, underpinned by a portfolio occupancy rate above the industry average.

Meanwhile, Hospitality revenues grew 4 percent to P7.4 billion, supported by stable occupancy and the recently acquired New World Makati Hotel, despite temporary closures for renovations.

On the property development side, ALI launched P51.3 billion worth of projects as of the end of September. Around 91 percent of these are vertical and horizontal residential developments, while the remaining 9 percent are commercial and industrial lots.

To support these initiatives, total capital expenditures for the first three quarters reached P65.5 billion.

Of this, 40 percent was allocated to residential construction, 26 percent to completing leasing and hospitality assets, 20 percent to developing mixed-use estates, and 13 percent to ongoing land acquisition commitments.