REAL estate developer Ayala Land Inc. (ALI) ended 2023 with a net income of P24.5 billion, 32 percent higher year on year on what is said was "robust property demand and heightened consumer activity."

Consolidated revenues rose 18 percent to P148.9 billion as sales grew 14 percent to P92.3 billion, driven by steady bookings and a higher completion rate of residential and office projects.

"Ayala Land was well-positioned to take advantage of opportunities from an improving market in 2023, enabling us to meet our objectives for the year," ALI President and Chief Executive Officer Anna Ma. Margarita Bautista-Dy said in a statement.

"We look forward to bringing more high-value development products to market and embarking on the reinvention of our malls, hotels and resorts for our customers to enjoy," she added.

In the fourth quarter alone, net income climbed 16 percent to P6.1 billion on total revenues that grew by 24 percent year on year to P49.9 billion, ALI investor relations officer Mike Garcia said.

For the full year, residential reservation revenues grew 9.0 percent to P113.9 billion while leasing and hospitality revenues increased 25 percent to P41.7 on improved occupancy and rents.

Shopping center revenues were up 31 percent at P21.1 billion while office leasing revenues rose 6.0 percent to P11.8 billion. Hotel and resort sales climbed 42 percent to P8.8 billion, aided by higher travel and tourism demand, and higher occupancy and room rates.

ALI's service businesses — mainly in construction, airlines and property management — saw revenues grow 36 percent to P11.5 billion while subsidiary Makati Development Corp.'s net construction revenues from external projects surged 56 percent to P6.6 billion.

In a separate disclosure, ALI also bared plans to tap the debt market to raise up to P50 billion in fresh funds.

"Please be informed that our board of directors, at its regular meeting held today, approved ... [t]he raising of up to P50 billion in debt capital to partially finance general corporate requirements and refinance maturing debt through the issuance of retail bonds and/or corporate notes for listing on the Philippine Dealing and Exchange Corporation, and/or execution of bilateral term loans," it said.

"The strategy is to access our long-term bank lines as well as the debt capital markets in the second half of the year, as we anticipate that by that time, rates should start trending downward," ALI Chief Finance Officer Augusto Bengzon told a media briefing.

"We want to borrow [at a] long-term fixed rate. It is important for us to try to get financing at the opportune time."

The company last year unveiled 25 projects worth a total of P75.9 billion. Of these, 14 projects worth P39.6 billion were launched in the fourth quarter.

ALI shares rose 95 centavos, or 2.8 percent, to P34.90 each on Tuesday amid a 0.82-percent advance for the benchmark Philippine Stock Exchange index.