Vista Land & Lifescapes, Inc. Reported P10.3 Billion Net Income in 2023, a 39% Growth

Vista Land & Lifescapes, Inc., one of the country's leading integrated property developers and the largest homebuilder, reported a net income of P10.3 billion for the fiscal year ended 2023, a 39% increase from the previous year. As of the end of 2023, the company had launched 34 projects totaling around P50.7 billion.

“Our 2023 results showed our optimism in the real estate industry. We have launched over P50.0 billion worth of projects across the country. These launches were key to our reservation sales reaching about P72.0 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.

In 2023, the company's consolidated revenue increased by 18% to P35.2 billion. Real estate revenue increased by 19% to P15.2 billion, while rental income reached P16.0 billion in the fiscal year ending December 31, 2023. Gross profit increased to P9.1 billion, with EBITDA up 21% to P20.6 billion. Vista Land's residential gross profit margin improved significantly, increasing by more than 320 basis points to 60%.

Manuel Paolo A. Villar, President & CEO of Vista Land said, “Our developmental segment showed improvement with 19% real estate revenue growth, after negative growth since 2020. 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. Our leasing business on the other hand, sustained its growth as we ended 2023 with a total gross floor area of 1.6 million sqm or over 100 investment properties consisting of 42 malls, 56 commercial buildings, and 7 office buildings."
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Vista Land has a strong financial position, allowing it to weather market swings and capitalize on developing real estate possibilities. The company's total assets ended the year at P342.4 billion, up 6% from the end of 2022, while equity reached P132.9 billion. Vista Land remained cautious, with a net debt-to-equity ratio of 84% at the end of the year. For 2023, the company has spent P27.1 billion on capital expenditures, the majority of which is for construction and land development. Land purchases remain low, as the company wants to use its current land bank.

Vista Land will continue to utilize its resources, primarily land holdings, through Vista Estate expansions around the country and expanded participation in upmarket projects such as the Brittany and Crown Asia initiatives. In both current and future projects, the company intends to favor mixed-use developments that incorporate vertical and commercial features.