Ayala Land unit Q1 income up despite dip in revenues

Ayalaland logistics Holdings Corp. (ALLHC) said its net income in the first quarter grew 19 percent to P197 million from the previous year’s P165.48 million.

Revenues came in at P864 million, 10 percent lower than the previous year’s P963.51 million.

Revenues from industrial lot sales reached P316 million, down by 18 percent from the previous year due to unbooked reserved lots.

“Our growth plans are geared to enable ALLHC to seize opportunities in the new economy. With the competitive advantage from our solid portfolio of diversified product offerings, and our optimistic view on the economy’s reopening, we look forward to enhancing our business performance in 2022,” the company’s outgoing president and ceo Maria rowena M. tomeldan said.

Jose emmanuel H. Jalandoni, formerly the company’s chairman, will replace tomeldan starting last month after the company’s stockholders’ meeting.

Warehouse leasing revenues rose by 54 percent to P191 million from P123 million, while cold storage revenues reached P28 million.

Commercial leasing is experiencing gradual recovery, with retail stores reopening and an increase in total foot traffic by 32 percent, the company said.

The company said it will diversify its product line further with additional cold storage facilities and other business platforms. the company said it is on track to double its cold storage capacity to 15,000 pallet positions by next year.

In February, the company announced its acquisition of an existing ready-built facility in Sto. tomas in Batangas, adding some 64,000 square meters of leasable warehouse space to Alogis’ portfolio.

The company currently has some 288,000 square meters of warehouse gross leasable area (GLA) spread in six locations. the company is targeting to have half a million square meters of GLA by 2025.

The company’s stockholders approved last month the increase in the company’s authorized capital stock to P10 billion, which will be used as funding source for its expansion projects.

The Ayala Land subsidiary will create P5 billion in non-voting preferred shares with a par value of P1 per share, and increase common shares to P12.5 billion from P7.5 billion with a par value of P1 per share.

“All growth efforts are in line with the company’s vision to be the leading real estate logistics and industrial estate developer in the Philippines.”