AYALA LAND, Inc. (ALI) posted P5.26-billion attributable net income in the third quarter, more than two times last year’s P2.55 billion, which the listed property developer attributed to the reopening of the economy.

“The acceleration in business and consumer activity during the period enabled us to generate significant earnings growth,” ALI President and Chief Executive Officer Bernard Vincent O. Dy said in a press release on Tuesday.

In the three months that ended September, the company’s topline rose to P32.97 billion, up by 39.4% from P23.65 billion a year ago. Real estate sales accounted for P30.59 billion of the company’s revenues after a 41% climb from P21.7 billion in 2021.

According to the press release, ALI recorded 21% higher property development revenues to P21.1 billion. Sales from residential projects rose by 28% to P28 billion, while commercial leasing revenues totaled P8.7 billion, 84% higher than last year.

Third-quarter costs and expenses totaled P25.48 billion, up by 27.4% from P20 billion in the previous year.

Year to date, ALI’s attributable net income climbed by 55.3% to P13.34 billion from P8.59 billion a year earlier. Its topline rose by 18.9% to P86.31 billion from P72.6 billion previously.

For the three quarters of this year, the company’s property development revenues reached P54.43 billion, up by 9.4% from P49.74 billion as stated in the company’s quarterly financial report.

According to the press release, ALI’s property development revenues climbed by 7% to P55.2 billion, which it said was driven by its commercial lot sales and the progress of residential projects.

The company said that it had strong investor demand in its commercial estates including Nuvali, Arca South, and South Coast. It registered 82% higher revenues from commercial lots to P7.5 billion.

Residential revenues rose by 2% to P45.6 billion, while office revenues dipped by 26% to P2.1 billion.

Reservation sales from residential products reached P77.3 billion, 10% higher than last year’s, while commercial leasing was up by 64% to P23.3 billion.

“The demand for our residential products remained resilient and local consumption continues to be robust despite geopolitical and macroeconomic challenges. We believe the strength of our local market will provide the backbone to sustain the growth of our diversified real estate portfolio for the rest of the year,” Mr. Dy said.

ALI said that its capital expenditures reached P44.7 billion: 55% was used for residential projects; 10% for commercial products; 14% for land acquisition; 17% for estate development; and 4% for other expenses.

ALI has more than 12,000 hectares of land bank and has developed large-scale, integrated, mixed-use and sustainable estates.

On Tuesday, shares in ALI added 30 centavos or 1.17% to P26 apiece. — Justine Irish DP. Tabile