Vista Land is looking at a “double-digit” growth in earnings — albeit below the 17% compounded annual growth rate registered in the last 10 years — on the back of the “very fast” growth of the commercial business and “high single-digit” expansion of the residential business, he said.
Vista Land Chairman and Founder Manuel B. Villar, Jr. said the company is poised for another banner year, sustaining the solid growth seen in the last decade.
“We are bullish for this year and our positive outlook is due to the continued expansion of our commercial assets in addition to our core housing business on the back of sound Philippine macroeconomic fundamentals,” the former Senate President said.
After establishing its presence in about 100 areas at the close of 2016, Vista Land is ramping up its expansion into new areas that will bring its geographical presence to 140 cities and municipalities this year, and eventually 200 by the end of 2018.
With the acquisition of Starmalls, Inc. two years ago, Vista Land is now focusing on the development of Communicities — integrated urban developments combining lifestyle retail, prime office space, university town, healthcare, themed residential developments, and leisure components.
The leasing business now accounts for 28% of earnings before interest, tax depreciation and amortization and 22% of net income. The company is on track to grow its portfolio of recurring assets to 1.3 million square meters in gross floor area by the end of 2018.
In the first quarter of 2017, Vista Land reported an 11% growth in net income to P2.3 billion from P2.1 billion, driven by a 14% uptick in revenues.
Shares in Vista Land climbed 0.51% to end at P5.93 each on Friday.
