AYALA Land Inc. (ALI) saw its net income surge 39 percent year-on-year to P6.3 billion in the first three months of 2024, driven by sustained property demand and consumer activity.

Consolidated revenues, meanwhile, expanded 33 percent year-on-year to P41 billion, the upscale property developer said in a disclosure on Wednesday.

"Our first quarter performance reflects our commitment to delivering on our operational targets this year, focused on high-value market opportunities and our drive for quality," ALI President and CEO Anna Ma. Margarita Bautista-Dy said.

"Anchored on the resiliency of the local property market and consumer activity, we look forward to executing our plans to support our growth aspiration for 2024," she added.

In the first three months of the year, ALI unveiled four projects worth a total of P13.7 billion, consisting of horizontal developments in Cavite, Laguna, and Pampanga.

The Ayala-led developer spent P18.8 billion for first-quarter capital expenditures, with the bulk, or 49 percent, earmarked for residential projects.

Thirty percent of the budget was spent on estate development, 9 percent on land acquisition, 11 percent on commercial leasing projects and the remaining 1 percent for other purposes.

ALI said that property development revenues grew 47 percent to P25 billion, owing to strong residential and commercial lot bookings that offset the impact of lower office-for-sale gains.

Leasing and hospitality revenues were said to have climbed 8 percent to P10.9 billion, following increased mall occupancy as well as higher rental rates for malls, offices, and hotels.

The company's service businesses, which mainly consist of construction, property management and airline, posted a 42-percent growth to P4.2 billion.

Ayala Land shares rose 4.91 percent to P27.80 each on Wednesday.