Vista Land registered 83% growth in bottomline for 1st semester of 2023; launched ₱24B worth of projects
14 August 2023
Vista Land & Lifescapes, Inc., one of the country’s leading integrated property developers and the largest homebuilder posted a net income of ₱5.8 billion for the 1st semester of 2023, up 83% from same period last year. The Company launched a total of ₱24.3 billion worth of projects across the country.
Vista Land Chairman Manuel B. Villar Jr. said, “We are pleased with our performance for the 1st semester of 2023 as we have sustained our growth trajectory for the year. We have been launching more projects this year compared to last year. These launches will form part of our huge project pipeline, he added. It’s also a big factor in our reservation sales performance which generated a total of ₱35.6 billion for the 1st semester which is 12% higher from same period last year.” Our overall strategy for the group remains to be maximizing our land to its best use.
The Company reported a consolidated revenue of ₱18.3 billion for the period which is up 8%. Real estate revenue registered at ₱8.0 billion while rental income amounted to ₱7.9 billion for the six-months ended June 30, 2023. Gross profit was at ₱4.7 billion while EBITDA amounted to ₱10.0 billion. Vista Land improved its gross margin by over 300 basis points to 59%. The Company also recognized a gain from the proceeds of insurance amounting to ₱1.8 billion. Core net income (excluding the gain from insurance proceeds) is at ₱4.2 billion for the period.
“We continue to deliver improvements in our residential business while our leasing business sustained its growth momentum for the period, said Manuel Paolo A. Villar, President & CEO of Vista Land. We have seen strong and sustained demand in our residential developments both horizontal and vertical segments especially from our Overseas Filipino buyers which comprise about 60% of our total sales. In terms of our leasing portfolio, of over 1.6 million square meters of gross floor area of commercial assets consisting of 45 malls, 56 commercial centers and 7 office buildings, we are reaping the benefits from the increased foot traffic and return to normalcy. Our strategy of maximizing our prime land is ongoing implementation, as we have been launching more Vista Estates across the country. These developments are mostly vertical and commercial projects which are geared towards the higher end of the income spectrum demand. Currently our land bank has a total of 3,085 hectares and is spread across the country.
Total assets stood at ₱335.4 billion as of end June 2023 while equity was at ₱129.3 billion. Net debt to equity at the end of the 1st semester is at 84%. Capital expenditure amounted to ₱12.2 billion mainly for construction and land development. Land acquisitions remained muted as the Company disclosed that they are looking at maximizing its existing land bank.
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