Vista Land & Lifescapes, Inc. Reported P6.4 Billion in Net Income in H1-2024, Up 11%; Project Launches Total P22.2 Billion

​Vista Land & Lifescapes, Inc., one of the Philippines’ leading integrated property developers and the country’s largest homebuilder, reported a net income of P6.4 billion for the first half of 2024, reflecting an 11% increase compared to the same period last year. The Company successfully launched projects nationwide with a total value of P22.2 billion.

Chairman Manuel B. Villar Jr. stated, “We are pleased with our performance in the first semester of 2024, as we have maintained our growth trajectory. We are committed to continuing our strategy of asset maximization and optimization through Vista Estates, which now encompasses 26 locations nationwide. We also aim to solidify our foothold in the horizontal residential market with several launches in areas specifically in the provinces given our wide geographic presence in the country. This year’s increased project launches contribute significantly to our extensive project pipeline and have positively impacted our reservation sales, which totaled P39.2 billion for the first semester— a 10% increase compared to the same period last year, he added.”
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The Company reported consolidated revenue of P19.9 billion for the period, reflecting an 8% increase. Real estate revenue reached P9.6 billion, while rental income amounted to P8.5 billion for the six months ending June 30, 2024. Gross profit stood at P6.6 billion, with EBITDA totaling P11.4 billion. Vista Land enhanced its gross margin bringing it to 57%.

"Our first-half 2024 results align with our asset optimization strategy, with growth in both residential and commercial segments," said Manuel Paolo A. Villar, President & CEO of Vista Land. "We now have over 1.6 million sqm of gross floor area across more than 100 commercial properties, including 42 malls, 59 commercial centers, and seven office buildings. Foot traffic is increasing as more people return to our malls and commercial spaces. With a land bank of 2,969.0 hectares, we plan to launch more upscale and vertical residential projects, integrated with commercial developments in our master-planned communities, to maximize our prime land. The Company spent P13.6 billion on capital projects in the first half of 2024."

The Company's financial condition for the period ended June 30, 2024 remains strong, providing significant financial flexibility. This enables the Company to effectively navigate market fluctuations and capitalize on emerging opportunities in the real estate sector. By the end of the period, the Company reported total assets of P352.7 billion and equity of P136.1 billion, resulting in a net debt-to-equity ratio of 85%.

On July 30, 2024, the Company successfully raised a US$350 million notes due 2029. The proceeds will be used to refinance the Company’s dollar bond maturing in November 2024 which effectively eliminates refinancing risk for the year. The Company intends to call the maturing bonds as early as October 2024 as disclosed. The success of the bond offering underscores strong investor confidence and highlights the Company’s solid performance and strategic vision for delivering long-term value.

The Company also boasts the country’s widest geographically diverse portfolio, enjoying an unrivaled nationwide presence in 147 cities and municipalities in 49 provinces in the Philippines. The Company's extensive landbank encompasses approximately 2,969.0 hectares, primarily located near major areas and primary infrastructure, with 60% and 40% situated in Provincial and Mega Manila areas, respectively. Vista Land has ZERO exposure to POGO in both its residential and office properties. As a result, the recent ban on POGO operations in the Philippines, which took effect on July 22, has had no impact on the Company.

Vista Land operates its residential and commercial property development business through six distinct business units. Camella Homes, Communities Philippines, Crown Asia, Brittany, and Vista Residences are focused on residential property development, while Vistamalls is involved in commercial property development.