AyalaLand Logistics income leaps 117% in first nine months

An AyalaLand Logistics warehouse complex. Photo from company website.
  • AyalaLand Logistics Holdings posted a 117% rise in consolidated net income in the first nine months of 2021 from the same period last year
  • Revenues from industrial lot sales and warehouse leasing grew
  • Commercial leasing revenues dropped due to renewed COVID-19 restrictions and rental assistance to tenants
AyalaLand Logistics Holdings Corp. (ALLHC) posted a consolidated net income of P402 million in the first nine months of 2021, an increase of 117% from the net income in the same period last year.

Revenues from January to September 2021 also grew 12% to P2.6 billion from P2.3 billion in the same period in 2020, ALLHC said in a statement.

Revenues from industrial lot sales amounted to P1.1 billion, rising by 126% from P511 million last year with continued demand for industrial lots.

Warehouse leasing revenues rose 6% to P299 million from P282 million due to the gross leasable area (GLA) completed in 2020 being taken up.

Renewed COVID-19 restrictions and rental assistance to tenants continued to weigh on commercial leasing operations, resulting in revenues from Tutuban Center and South Park Center declining by 16% to P311 million from the previous year’s P396 million. Cushioning the impact is South Park Corporate Center’s office leasing operations with its 100% lease-out rate, ALLHC noted.

“We see signs of recovery in our business lines with industrial lot sales driving significant improvement in our overall performance this quarter. While the current business environment still proves to be challenging, we trust that our growing diversified portfolio of assets will keep ALLHC resilient amidst the ongoing crisis,” ALLHC president and chief executive officer Maria Rowena Tomeldan said.

In its virtual annual stockholders’ meeting held last April, ALLHC management announced that despite the pandemic-induced challenges, the company was still set on building its national footprint by growing its warehouse GLA to 500,000 square meters, establishing its presence in 10 key locations across the country, and creating new business platforms by the year 2025.

ALLHC said it envisions becoming a leading real estate logistics and industrial estate developer in the Philippines through its expansion efforts.

A subsidiary of Ayala Land, Inc., ALLHC has principal business interests in holding companies, commercial leasing, industrial lot sales and development, and retail electricity supply. Its subsidiaries include Laguna Technopark, Inc.; Unity Realty Development Corp.; Orion Land, Inc., Tutuban Properties, Inc.; LCI Commercial Ventures, Inc.; and FLT Prime Insurance Corp.