ALI profits rise despite ECQ

James A. Loyola

Ayala Land Inc. (ALI) posted a 35 percent rise in consolidated net income to P8.6 billion in the first nine months of 2021 as business operations continued to improve despite the reimposition of stricter quarantine restrictions from August to September.

In a disclosure to the Philippine Stock Exchange, the real estate giant said consolidated revenues was higher by 15 percent at P72.6 billion in the first three quarters of the year.


In the third quarter alone, the company posted a net income of P2.6 billion, a 38 percent growth from the same quarter last year.

Driven by continuing construction progress and higher bookings, ALI’s property development revenues rose 27 percent to P51.5 billion.

Sales reservations for the first nine months of 2021 also grew by 15 percent to P70.1 billion largely due to the strong sales performance earlier in the year.

ALI generated P21.8 billion in sales in the third quarter, 11 percent higher than the second quarter of 2021, but a slight drop of 3 percent quarter-on-quarter, reflecting sustained demand despite the ECQ.


“Our business recovery was sustained despite the reimposition of stricter quarantine measures last August. This was led by our residential business which continued to benefit from stable construction and sales this year,” said ALI President and CEO Bernard Vincent O. Dy.

He added that, “We remain positive that with the reopening of the economy, business activity will gain momentum in the fourth quarter, especially for segments like our malls, hotels and resorts which broadly rely on increased mobility.”

Despite mobility restrictions during the third quarter, four new projects worth P13 billion were launched. These include Ayala Land Premier’s Ayala Greenfield Estates 4C Tranche 1 in Calamba, Laguna and Lanewood Hills Phase 2 in Silang, Cavite; Avida’s Centralis Towers in Pasay City; and Amaia’s Steps Pasig Clara.

ALI launched a total of 18 projects in the first nine months of this year with a combined value of P59.1 billion, significantly higher than full-year 2020 launches of P10.6 billion, as the company responded to stronger demand in the residential market.

Commercial leasing revenues were affected anew by the ECQ in August, registering 18 percent lower at P14.2 billion.

While mall occupancy rates remained stable, revenues from shopping centers declined 35 percent to P4.9 billion given limited operations as well as ongoing rent discounts granted to support tenants.

Revenues from office leasing remained a strong point, growing five percent to P7.5 billion as business process outsourcing and headquarter operations were steady throughout the period.

Meanwhile, hotels and resorts revenues ended 29 percent lower to P1.9 billion as resort operations were again further restricted.

Source: Manila Bulletin (