Vista Land nets 9.1B in 2017 up 12%; residential business on an uptrend
04 April 2018
Vista Land & Lifescapes, Inc., one of the country’s leading integrated developers and the largest homebuilder, generated a net income of P9.1 billion for the full year 2017, a strong growth of 12% driven by the substantial contribution of its commercial assets coupled with the sustained growth of its core housing business. Consolidated revenues grew 13% to P36.0 billion from P31.9 billion last year. Revenues from real estate were 27.6 billion, up 10%. Leasing income likewise posted a 29% increase to P6.0 billion from P4.7 billion in year 2016.
The Company’s total consolidated assets as of 31 December 2017 stood at P199.9 billion. Capital expenditures for the year amounted to P37.4 billion
“We are very pleased to report that 2017 is another banner year for the Company,” said Vista Land Chairman Manuel B. Villar, Jr. “We are taking advantage of the synergies that we have unlocked between our residential and leasing businesses,” he added. “We have successfully implemented the expansion of our leasing business ending 2017 with over 1 million square meters
of gross floor area (GFA). Our reservations sales continued the 12% growth registered in the past 3 quarters to end the year at P64.5 billion sales. We remain optimistic for the industry, given the robust demand for our housing products as well as our success in our leasing business propelled by the steady growth in the disposable income, OF remittances, sound Philippine macroeconomic fundamentals and the government’s drive to accelerate economic activities and infrastructure developments outside Metro Manila, where we have a competitive advantage given that we have the widest geographic reach around the country.”
2017 was also a record year for Vista Land in terms of project launches. “We launched 55 projects with an estimated value of P60.2 billion during the year, the highest value we have ever achieved in terms of project launches. We continued with our strategy of opening in new areas aggressively. We are now present in 133 cities and municipalities and we move closer to our target of having a presence in 200 cities and municipalities in the near future,” said Vista Land President & CEO Manuel Paolo A. Villar. “As for the leasing side of our business, it now represents 28% of EBITDA and 24% of net income and this will continue to grow as we continue the expansion of our investment properties to hit 1.4 million square meters of GFA this year,” he added.
The Company also was able to successfully complete a liability management exercise by issuing its first 7-year 350 million U.S. dollar note at 5.75%, which refinanced the company’s 2018 and 2019 maturing dollar notes. The exercise pushed the maturity to 2024 at a lower rate.
Vista Land intends to focus on the development of Communicities, an integrated urban developments combining lifestyle retail, prime office space, university town, healthcare, themed residential developments and leisure components.
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