AyalaLand Logistics net income up 18.5% in Q1, a reversal from 2023

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ALogis Biñan. Photo from AyalaLand Logistics Holdings Corp.'s website.
  • AyalaLand Logistics Holdings’ net income grew 18.5% year-on-year in the first quarter of the year to P211 million
  • Consolidated revenues of P1.3 billion jumped 85% to P1.3 billion for the same period in review
  • Revenues from industrial lot sales remained steady
  • Revenues from warehouse leasing and cold storage rose 15% and 3%, respectively
  • For the second quarter, ALLHC expects to complete its first build-to-suit facility Cavite Technopark and the ALogis Mabalacat warehouse facility
  • It will also open its ALogis Artico Santo Tomas and ALogis Artico Mabalacat cold storage facilities

AyalaLand Logistics Holdings Corp.’s (ALLHC) net income grew 18.5% year-on-year in the first quarter of 2024 to P211 million from P178 million.

Consolidated revenues of P1.3 billion jumped 85% to P1.3 billion from P702 million for the same period in review.

The latest performance is a turnaround from the downturn experienced in 2023.

Demand for industrial lot sales remained steady, ALLHC in a statement, with revenue from industrial lot sales registering P851 million, mainly attributable to booked lot sales at Laguindingan Technopark paired with higher completion rates for industrial estates undergoing development works.

Revenue from warehouse leasing reached P175 million, a 15% increase year-on-year on account of higher overall occupancy.

Cold storage ended the quarter with P41 million in revenues, up by 3% from last year.

Commercial leasing, meanwhile, posted revenues of P237 million, driven by improved mall occupancies and rental rates.

“ALLHC’s performance in the first quarter was promising and sets a positive tone for the year ahead,” ALLHC president and chief executive officer Robert Lao said in a statement.

“Remaining focused on our expansion objectives, we are hopeful for the steady growth and progress of our businesses this year,” Lao added.

For the second quarter, ALLHC is expecting to complete its first build-to-suit facility in Cavite Technopark and the ALogis Mabalacat warehouse facility in Pampanga Technopark.

When completed, the two facilities will add 22,000 square meters (sqm) of warehouse gross leasable area.

ALLHC is also set to open its ALogis Artico Santo Tomas and ALogis Artico Mabalacat cold storage facilities within the second quarter. Both facilities will add 5,000 pallet positions each to ALLHC’s cold storage portfolio.

READ: AyalaLand Logistics to open 2 new cold storage facilities in Luzon

Further, ALLHC will launch the second phase of its ALogis Mabalacat warehouse facility within the second quarter. The expansion is expected to add 18,000 sqm of gross leasable area in the warehouse portfolio upon delivery.

ALLHC said all these projects are in line with the company’s direction to build up its asset portfolio and strengthen its leasing segment.

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.