-
AyalaLand Logistics posted a 22% year-on-year increase in net income in the first half of 2024
-
Consolidated revenue also grew 73% from P1.5 billion
-
Revenues from sale of industrial lots, cold storage, and commercial leasing all improved during the period
AyalaLand Logistics Holdings Corp. (ALLHC) posted a 22% increase in net income to P413 million in the first half of 2024 as compared to P339 million in the same period last year.
Consolidated revenue also grew 73% to P2.6 billion from January to June 2024 from P1.5 billion in the same period last year.
READ: AyalaLand Logistics net income up 18.5% in Q1, a reversal from 2023
Revenues from the sale of industrial lots registered at P1.7 billion, driven by lot sales at Laguindingan Technopark and higher completion rates for developing industrial estates, ALLHC said in a statement.
Improvement in overall occupancy coupled with an increase in leasable area helped boost warehouse leasing revenues, rising 14% to P379 million from P331 million.
Cold storage revenues totaled P92 million, an 8% increase versus last year, on account of contributions from the addition of ALogis Artico Santo Tomas—its cold storage facility in Batangas—and higher average rent.
Revenues from commercial leasing, meanwhile, registered at P466 million, up by 5% year-on-year from improved mall occupancies.
“Our first half performance exhibits our focus on achieving operational improvements across all core businesses this year,” ALLHC president and chief executive officer Robert Lao said.
“Alongside robust market activity, we believe our efforts to grow our asset portfolio and further enhance our industrial leasing segments will continue to position ALLHC for growth for the remainder of 2024,” Lao added.
Last May, ALLHC delivered the 5,000 pallet positions ALogis Artico Santo Tomas, its fourth cold storage facility, while it completed last June its first built-to-suit project, a 15,000 square meters (sqm) facility located within Cavite Technopark.
During the second quarter, ALLHC also launched the second phase of its warehouse facilities in Pampanga Technopark, which will add 18,000 sqm of gross leasable area in the warehouse upon completion.
Also within Pampanga Technopark are projects that ALLHC expects to complete within the third quarter of the year. The first phase of ALogis Mabalacat and ALogis Artico Mabalacat cold storage will contribute 7,7000 sqm of warehouse gross leasable area and 5,000 cold pallet positions, respectively.
Also within the third quarter, ALLHC expects to break ground for its sixth and seventh cold storage facilities, ALogis Artico Santa Rosa in Laguna and ALogis Artico Consolacion in Cebu. Together, the two facilities will add 11,000 pallet positions to ALLHC’s cold storage portfolio.
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.
