Vista Land Reported P9.1 Billion Net Income for 9M24, Up 10%, Expands Portfolio with P33 Billion Project Launches

Vista Land & Lifescapes, Inc., one of the Philippines’ leading integrated property developers and the country’s largest homebuilder reported a net income of P9.1 billion for the nine months ended September 30, 2024, reflecting a 10% year-on-year increase. Vista Land launched new projects nationwide with a total value of P32.6 billion.

The Company reported consolidated revenues of P29.1 billion, a 7% increase compared to the previous period. Real estate revenue accounted for P13.6 billion, a 12% increase, while rental income reached P12.4 billion. The Company's gross profit totaled P9.0 billion, and EBITDA amounted to P17.0 billion. Notably, Vista Land improved its gross margin to 66%, reflecting enhanced operational efficiency. 

Chairman Manuel B. Villar Jr. stated, “Our performance so far reflects our commitment to our set strategy of asset maximization and optimization as we capitalized on the strong demand from residential projects specifically outside Metro Manila where we have the widest coverage. Our presence in 147 cities and municipalities across the country became apparent when we saw softening demand in Metro Manila due to the effect of the POGO ban. We are now reaping the fruits of our various Vista Estate projects across the country, which is one of the factors in the sustained growth in our reservation sales which amounted to P58.4 billion as the end of period. We remain optimistic with the industry especially in the provincial areas where demand continue to rise, he added. 

"Vista Land is reinforcing its position in both the residential and commercial sectors. Our residential business has sustained its growth with real estate revenues delivering 12% growth for the period. We have also seen steady growth in our 1.6 million square meters gross floor area of commercial portfolio which includes 42 malls, 59 commercial centers and 7 office buildings as foot traffic returns to pre pandemic levels and we anticipate that we will see more in the coming Holiday season,” said President Manuel Paolo A. Villar. “In terms of our liability management activities, we have successfully refinanced our upcoming USD 350 million maturity last August with the issuance of a new Dollar Notes due 2029 and the proceeds was used to pay the USD 350 million dollar notes in October thus removing the significant refinancing risk from our balance sheet. We are done with the 2029 dollar notes issuance what we will be looking at next year is a liability management exercise for our dollar notes maturing in 2027” he added. 

For the first nine months of 2024, the Company continues to maintain a strong financial position, offering substantial flexibility to adapt to market fluctuations and take advantage of emerging opportunities in the real estate sector. The Company reported total assets of P376.8 billion and equity of P138.8 billion by the end of the period, yielding a net debt-to-equity ratio of 83%. This solid financial standing underscore the Company’s ability to navigate challenges and capitalize on growth.

Capital expenditures totaled P21.2 billion, accounting for 71% of its 2024 budget. Of this amount, 70% was allocated to project construction, 28% to land development, and 2% to land acquisition, underscoring our commitment to driving growth and expansion.

On 14 November 2024, Vista Land’s Board of Directors approved the declaration of cash dividends, set to be paid at P0.1120 per share to stockholders on record as of November 28, 2024. These dividends will be distributed on December 12, 2024. The higher dividend payout for 2024 was primarily due to the strong performance of the Company’s residential business. The Company also announced that it plans to resume to its dividend policy of 20% of prior year’s net income next year as the residential business sustained its growth for 2024.

Vista Land boasts the largest and most geographically diverse portfolio in the Philippines, covering 147 cities and municipalities across 49 provinces. With a landbank of 2,969 hectares, strategically located near key infrastructure, the Company is well-positioned in both provincial areas (60%) and Metro Manila (40%). The company mentioned that its landbank is separate and distinct from the land owned by the other affiliated companies. Additionally, Vista Land has no exposure to POGO operations, ensuring that the recent government ban has not affected its business.

​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.