(Bloomberg) -- Ayala Land Inc. will increase capital spending by about 40% to 90 billion pesos ($1.76 billion) this year, with plans to build more homes and mixed-use districts as the Philippine economy reopens.
The builder's net income rose 40% to 12.2 billion pesos in 2021, and it expects profit to return to pre-pandemic level in two to three years, President and CEO Bobby Dy said in a briefing Tuesday. It plans to start 100 billion pesos worth of projects, 33% higher than last year.
“As the economy moves to full reopening in 2022, we look forward to the acceleration of our business activity backed by our landbank, diversified portfolio, and market-leading estate developments,” Dy said.
Other Details
- Ayala Land plans to raise a total of 45 billion pesos through bond sales in May and June as well through bank loans, its CFO Augusto Bengzon said. First in the pipeline is a 10 billion-peso, six-year bond
- Builder looking into data centers as a new growth area, senior vice president Jose Emmanuel Jalandoni said
- Ayala Land FY Net Income 12.2B Pesos Vs. 8.7B Pesos Y/y
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