Vista Land & Lifescapes, Inc., one of the country’s leading integrated property developers and the largest homebuilder posted a net income of P4.3 billion for the 1st semester of 2022, up 11% from same period last year. The company launched a total of 5 projects in the 2nd quarter valued at P11 billion. Included in the launch are 3 Vista Estate Projects namely, Aspen in San Jose Del Monte, Bulacan; Vidarte in Antipolo, Rizal and Stanza in Tanza, Cavite. The project launch value to date already exceeded full year 2021 launch value.
The Company recorded consolidated revenue of P16 billion for the period. In addition gross margin improved by 400 basis points to 57.5% while consolidated EBITDA margin also registered marked improvement due to the price increases implemented and the various operational efficiency measures undertaken during the year.
“We remain optimistic with the industry for the rest of the year especially with an economic backdrop that I consider on a rebound given strong GDP growth numbers so far and is forecasted at 7% to 9% growth for 2022. We have also seen sustained growth in OF remittance which is projected to grow 4% this year. Demand from OF remained strong which is a factor to the 8% growth in our reservation sales of P32 billion for 1H2022. The pandemic also provided a venue for the company to review its strategies and implement various operational efficiency measures which resulted to improvement in our margins. We have also announced our push for the upscale, vertical and commercial projects in our existing developments through our Vista Estate in various areas around the country which we are now launching”.
– Vista Land Chairman Manuel B. Villar Jr.
The company reported real estate revenue at P9.0 billion while leasing income was strong at P4.9 billion up 35% from prior year. After almost 2 years of no new malls, the company opened Vistamall Davao, a 21 thousand sqm gross floor area mall which houses world class retail concepts of the Group. As of June 30, 2022, the group now have over 1.6 million sqm of gross floor area of investment properties consists of 32 malls, 69 commercial centers and 7 office buildings.
“The Company recently listed our flagship REIT company – VREIT with an initial portfolio of 10 community-based malls and 2 office buildings”, according to Paolo A. Villar, President and CEO of Vista Land. The funds raised for this exercise will deployed to various real estate developments including additional commercial spaces, he added. In the digital front, Mr. Villar mentioned that the company will continue to upgrade and develop digital initiatives that aims to future proof Vista Land while increasing quality of service to its customers and expand its reach.
Total assets stood at P309 billion as of end June 30, 2022.
Capital expenditure for the 1H2021 reached P11 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. The company has 2,925 hectares of land as of end June 30,2022.