VISTA LAND PROFIT RISES 39% TO P10B

VISTA Land & Lifescapes Inc. on Tuesday reported netting P10.3 billion last year, up 39 percent from 2022’s P7.4 billion, on the back of aggressive development.

Consolidated revenues expanded by 18 percent year-on-year to P35.2 billion as real estate sales rose 19 percent to P15.2 billion and rental income amounted to P16 billion by year-end.

“Our 2023 results showed our optimism in the real estate industry,” Villar said in a statement.

“We are on our way with our maximization of resources strategy as the majority of our launches were vertical developments across the country and we will continue to do so in 2024.”

Last year, Vista Land launched 34 projects with a total estimated value of P50.7 billion, which helped reservation sales grow to P72 billion.

“We will continue to pursue our residential segment now with the launch of more vertical, as well as higher-end products. This has been part of our overall strategy of asset optimization,” President and Chief Executive Officer Manuel Paolo Villar said.

Vista Land spent P27.1 billion for capital expenditures, majority of which were used for construction and land development while maximizing its existing land bank.

Its current portfolio includes 26 Vista Estates as well as 100 investment properties consisting of 42 malls, 56 commercial developments, and seven office buildings that have a total gross floor area of 1.6 million square meters.

At the end of 2023, Vista Land’s total assets reached P342.4 billion, while its consolidated equity totaled P132.9 billion.

Vista Land’s share price dropped by a centavo to close at P1.53 apiece on Tuesday.