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AyalaLand Logistics posts 19% hike in Q1 net profit
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Consolidated revenue in the first quarter was P864 million,
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Revenue from industrial lot sales declined 18% while warehouse leasing revenue surged 54%
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Revenue reached P28 million in the cold storage segment
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Cold storage capacity will be doubled to 15,000 pallet positions by 2023
AyalaLand Logistics Holdings Corp. (ALLHC) reported a 19% year-on-year increase in net income to P197 million in the first quarter of 2022, on the back of consolidated revenue of P864 million.
Revenue from industrial lot sales was P316 million, down 18% versus last year, ALLHC said in a statement.
Warehouse leasing revenue rose 54% to P191 million from P123 million, while revenue from cold storage reached P28 million. ALLHC entered the cold storage market in 2021 by acquiring two facilities that added 7,300 pallet positions to its portfolio.
Commercial leasing is experiencing a gradual recovery, with retail stores reopening and total foot traffic increasing by 32%.
ALLHC said it continues to expand in key areas across the country as part of its commitment to build a national footprint.
In February 2022, ALLHC acquired a 64,000 square meters ready-built facility in Sto. Tomas, Batangas, the company’s first industrial property in the province.
The facility will carry the brand name ALogisSto. Tomas, boosting its ALogis warehouse leasing portfolio to288,000 sqm to date in six locations.
ALLHC earlier said it was still set on building its national footprint by growing its warehouse gross leasable areas to500,000 sqm, establishing its presence in 10 key locations across the country, and creating new business platforms by the year 2025.
The company said it will diversify its product line further by investing in additional cold storage facilities and other business platforms. ALLHC is set to double its cold storage capacity to 15,000 pallet positions by 2023.
In its annual general meeting on April 21, stockholders approved an increase in ALLHC’s authorized capital stock to P10 billion, which will be used to fund the company’s expansion projects. This will be done by issuing 5 billion non-voting preferred shares with a par value of P1 per share, and 5 billion common shares with a par value of P1 per share.
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.
The company’s subsidiaries include Laguna Technopark Inc.; Unity Realty Development Corp.; Orion Land Inc., Tutuban Properties Inc.; LCI Commercial Ventures Inc.; and FLT Prime Insurance Corp.
