Villar’s Vista Land profits rise 70% to ₱8.2 B

Richest Filipino Manuel B. Villar Jr.’s Vista Land & Lifescapes Inc. renewed its growth trajectory as its net income shot up by 70 percent to ₱8.22 billion for the first nine months of 2023 from ₱4.82 billion in the same period last year.

One of the country’s leading integrated property developers and the largest homebuilder, Vista Land said that as of the end of the third quarter of 2023, it has launched 27 projects with an estimated project value of about ₱40 billion.

“We are delighted with our results, as we remain optimistic with the industry for the rest of the year with the strong GDP growth of 5.9 percent coupled with sustained growth in OF remittance and revenge spending from consumers, all of which contributed to the positive performance of the group,” said Vista Land Chairman Manuel B. Villar Jr.

He added that, “we have been launching more projects this year which was a factor in the 10 percent growth in our reservation sales to ₱53.1 billion for the period.”

“With the holiday season approaching, we eagerly anticipate welcoming an increased number of customers to our commercial centers as well as our Overseas Filipinos coming home during the holidays which bodes well for our residential sales,” he added.

Villar noted that, “as we move forward, our aim is to maximize our existing resources specifically our land as we remain committed to our mission of building communities across the Philippines that stand the test of time."

Vista Land's consolidated revenue for the first nine months of 2023 registered at ₱27.4 billion, marking an 18 percent increase.

Real estate revenue returned to double-digit growth with a 17 percent increase to ₱12.2 billion, while rental income amounted to ₱11.8 billion for the nine months ended Sept. 30, 2023.

Gross profit reached ₱7.2 billion, and EBITDA rose by 21 percent to ₱15.2 billion. Vista Land also improved its residential gross profit margin by over 400 basis points to 59 percent.

The core net income (excluding the gain from insurance proceeds) registered an increase of 30 percent to ₱6.8 billion for the period.