MANILA - Ayala Land Inc. on Friday said it posted "solid" growth in 2018 with its net income growing to P29.2 billion or 16 percent higher compared to the previous year.
Its consolidated revenues grew 17 percent to P166.2 billion driven by sustained demand in its residential and leasing business, ALI told the stock exchange.
Property development revenues rose 18 percent to P113.4 billion while leasing revenues grew 17 percent to P34.9 billion, the statement said.
In 2018, Ayala Land introduced the 35-hectare Park Links mixed-use urban estate along the C5 corridor and the 526-hectare Habini Bay in Laguindingan, Misamis Oriental.
"These led to strong financial results and positioned our company for continued growth in the coming years," said ALI president and CEO Bernard Vincent Dy.
ALI spent a record P110.1 billion in capital expenditures last year. Some 41 percent were spent on residential projects, 23 percent on commercial projects, 15 percent for land acquisition, 12 percent for estate developments and 9 percent for investments.
Ayala Land is the real estate unit of Ayala Corp.