VILLAR-LED property developer Vista Land & Lifescapes, Inc. saw a 39% increase in its net income to P10.3 billion in 2023, led by higher revenues and new project launches.
Vista Land’s consolidated revenue increased by 18% to P35.2 billion, the company said in a statement on Tuesday.
Real estate revenue grew by 19% to P15.2 billion, while rental income totaled P16 billion. The company’s earnings before interest, taxes, depreciation, and amortization rose by 21% to P20.6 billion.
Vista Land launched 34 projects valued at P50.7 billion as of end-2023.
“Our 2023 results showed our optimism in the real estate industry. These launches were key to our reservation sales reaching about P72 billion. We are on our way with our maximization of resources strategy as the majority of our launches were vertical developments across the country and we will continue to do so in 2024,” Vista Land Chairman Manuel B. Villar, Jr. said.
Vista Land President and Chief Executive Officer Manuel Paolo A. Villar said the company aims to sustain the development of its various projects.
“We will continue to pursue our residential segment now with the launch of more vertical, as well as higher-end products. This has been part of our overall strategy of asset optimization. We also continued with our master planned developments through Vista Estates, now at 26, across the country,” Mr. Villar said.
“Our leasing business on the other hand, sustained its growth as we ended 2023 with a total gross floor area of 1.6 million square meters or over 100 investment properties consisting of 42 malls, 56 commercial buildings, and 7 office buildings,” he added.
Vista Land has P342.4 billion worth of total assets as of end-2023, up by 6% from end-2022, while equity reached P132.9 billion.
The company spent P27.1 billion on capital expenditures last year, with the majority allocated to construction and land development.
It added that land acquisition remains muted as the company plans to utilize its existing land bank.
The property developer hopes to continue to maximize its land assets through Vista Estate developments nationwide and increased involvement in upscale projects such as its Brittany and Crown Asia initiatives.
It also plans to prioritize mixed-use developments that combine vertical and commercial elements in its ongoing and planned projects.
Vista Land’s business units include Camella Homes, Communities Philippines, Crown Asia, Brittany, Vista Residences, and Vista malls.
On Tuesday, Vista Land shares dropped by 0.65% or one centavo to P1.53 apiece. — Revin Mikhael D. Ochave
