Real estate giant Ayala Land Inc. is aiming to double its business in five years from its 2022 level as it aims to aggressively expand this year based on its positive outlook for 2024.
In an interview, ALI President and CEO Anna Ma. Margarita Bautista-Dy said they are maintaining their positive outlook in 2024 after ending 2023 on a high note.
“The country as a whole was better off in 2023. So I think our performance also reflects that,” she said adding that growth was seen in all divisions, “Some more than others. I think everyone worked very hard last year.”
She noted that they always aim to do better than the previous year and “That’s what I’m telling my guys: always up and up! That’s the mandate to the team.”
Meanwhile, ALI Chief Finance Officer Augusto Bengzon said “Our capex will be quite aggressive so we will need to tap the market (to raise funds).”
“Our aspiration is to double the business in five years so you can expect more this year compared to last year,” he added.
However, both officials declined to provide specific figures for projected capex and 2023 earnings as well as the guidance for 2024 as these will be disclosed during the firm’s briefing on its 2023 performance sometime next month.
ALI posted a 38 percent hike in total net income to P18.4 billion in the first nine months of 2023 as consolidated revenues improved 15 percent to P98.9 billion year-on-year.
The firm said it maintained a strong growth trend in the first nine months of 2023, driven by the continuing resilience of the residential market and vibrant consumer activity despite ongoing macroeconomic challenges.
“The strong performance of our various business lines in the first nine months of 2023 is a testament to the continuing resilience of the residential market and vibrant consumer activity despite ongoing macroeconomic challenges,” said Dy.
She noted that, “This positive trend, guided by our new focus on quality, people, sustainability, and growth, will enable us to strengthen our diversified portfolio and further enhance earnings.”
“We will continue to focus on high-value market opportunities and meeting our operating targets to sustain our momentum for the year,” Dy added.
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The article was originally published in Manila Bulletin and written by James A. Loyola
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