LISTED property developer Ayala Land, Inc. (ALI) is aiming to double its business by 2028, with the company anticipating more activities this year, its chief finance officer (CFO) said on Wednesday.
“Our aspiration is to double the business in five years. We can expect more activity from ALI this year compared to last year,” ALI Chief Finance Officer Augusto D. Bengzon said during a briefing.
ALI posted a 38% jump in its January to September 2023 attributable net income to P18.4 billion, driven by a 15% increase in consolidated revenues to P98.9 billion.
In 2022, ALI’s net income rose by 52% to P18.6 billion.
Mr. Bengzon said that the company will pursue an aggressive capital expenditure (capex) budget this year, although specific figures were not disclosed.
“We will need to tap the market,” he added.
For 2023, ALI allocated P85 billion for its capex budget, which funded the development of additional property estates. The 2023 budget is approximately 18% higher than the P72 billion capex allotment in 2022.
ALI recently entered into a 10-year loan agreement with Metropolitan Bank & Trust Co. (Metrobank) for P15 billion as part of its fundraising for developments. The loan will be utilized for partial funding of capital expenditure requirements and debt refinancing.
Shares of ALI declined by five centavos or 0.14% to P34.45 apiece on Wednesday. — R.M.D. Ochave