Vista Land & Lifescapes (VLL) Q1 2024 earnings summary

Executive summary

• Net income for 1Q 2024 rose to P3.2B, up 21% year-over-year, driven by higher real estate and rental income, despite increased financing charges and tax expense.

• Total revenue reached P10.2B, up 11% year-over-year, with reservation sales growing 12% to P20.8B.

• Gross profit margin improved to 61% from 58.7% in 1Q 2023, and EBITDA margin rose to 55.3% from 52.1%.

• Cost of real estate sales and operating expenses decreased due to cost-saving initiatives and improved collections.

• Real estate revenue grew 23% to P5.6B, with strong performance in Crown Asia, Vista Residences, Brittany, and Communities Philippines, offsetting a decline in Camella.

Financial highlights

• Gross revenue: P10.2B, up from P9.1B year-over-year; net income: P3.2B, up from P2.7B.

• Real estate revenue increased 10% to P4.9B; rental income rose 13% to P4.1B.

• Cash and investments stood at P48.8B; total assets at P349.5B; total equity at P134.6B as of March 31, 2024.

• Net debt to equity remained stable at 0.84x; debt to equity at 1.20x.

• Basic/Diluted EPS: P0.24, up from P0.19 year-over-year.

Outlook and guidance

• Four new projects launched in 1Q 2024 with an estimated value of P10.1B.

• 2024 strategy focuses on upscale, vertical, and commercial projects, as well as high-end developments in Metro Manila and horizontal projects in provincial areas.

• No material trends, events, or uncertainties expected to impact sales, revenues, or income from continuing operations, aside from ongoing COVID-19 effects.