Ayala Land Inc. expects to spend P88 billion this year, up 38.15 percent from last year’s P63.7 billion as it slowly implements initiatives to recover from last year’s slump.
Ayala Land reported profit of P8.7 billion in 2020, down 74 percent from P33.2 billion the prior year. Revenues reached P96.3 billion, down 43 percent from 2019’s P168.8 billion due to the escalation of the coronavirus disease 2019 (COVID-19) pandemic.
Of the 2021 capex, bulk will go to residential development (44 percent), followed by land acquisition (26 percent), and then by estate development (13 percent). Ayala Land eyes to launch P100 billion worth of projects this year.
“The company sustained the momentum for recovery from the third to the fourth quarter recording a 49 percent growth in total revenues quarter-on-quarter to P33.0 billion and a 28 percent jump in net income to P2.4 billion for the period,” the company said.
Bernard Vincent Dy, Ayala Land president, said revenues from property development dipped to P66.5 billion for the year due to construction restrictions and lower bookings.
This however picked up to P25.8 billion, up 64 percent from the third quarter, boosted by continuous construction progress in 174 projects across the country.