AYALA Land, Inc. (ALI) reported a 41% jump in first-half attributable net income to P11.39 billion, building on its top official’s optimism for the rest of the year.

“Given [our] first-half results, we are highly encouraged in terms of the performance of the company,” ALI President and Chief Executive Officer Bernard Vincent O. Dy said in a briefing on Wednesday. “Moving forward, we are very hopeful especially as some of the [macroeconomic] challenges start getting addressed.”

In the second semester, the listed property developer plans to introduce more projects. He said: “We are going to have more launches and we are going to open new commercial assets in the next six months.”

In the first six months, ALI’s real estate revenues went up by 23% to P64.52 billion from P52.32 billion in the same period last year.

Revenues from property development went up by 13% to P38.73 billion from P34.14 billion due to higher residential project completion, bookings, and sales of commercial and industrial lots and office units.

Residential revenues increased by 14% to P31.25 billion, while office-for-sale revenues rose by 44% to P2.13 billion. The top line for commercial and industrial lots stood at P5.4 billion.

Sales from residential reservations likewise rose to P58.3 billion, up 18% from the same period last year. This was driven by Alveo’s Park East Place in Bonifacio Global City; AyalaLand Premier’s Ciela in Carmona, Cavite; Arcilo in Nuvali, Laguna; Parklinks South Tower in Quezon City; and Avida Towers Makati Southpoint.

Additionally, the company’s commercial leasing revenues increased by 39% to P20.2 billion from P14.58 billion due to higher occupancy and rents.

Broken down, revenues from shopping centers climbed by 49% to P10.24 billion from P6.87 billion, office leasing revenues increased by 8% to P5.8 billion from P5.39 billion, and hotels and resorts went up by 79% to P4.16 billion from P2.32 billion.

“Our notable performance in the first half of 2023 reflects the sustained resilience of the property market and strong consumer activity in the geographic areas where we operate,” Mr. Dy said in a statement.

“Leveraging the positive momentum of the economy, we will capitalize on market opportunities to enhance our diversified portfolio throughout the rest of the year,” he added.

On Wednesday, shares for Ayala Land fell by 1.6% or 45 centavos to close at P27.65 apiece. — Adrian H. Halili