Vista Land & Lifescapes (VLL) Q4 2024 earnings summary

Executive summary

• Total revenues for 2024 reached PHP 37 billion, up 5% year-over-year, with core net income at PHP 9.4 billion, up 11%, and gross profit rising 30% to PHP 11.8 billion with a 71% margin.

• EBITDA climbed 11% to PHP 22.8 billion, with a margin of 62%.

• Reservation sales hit PHP 79.1 billion, with unbooked revenues at PHP 83.7 billion.

• Net income for 2024 was PHP 9.37 billion, down 9% from 2023 due to absence of one-time insurance gains.

Financial highlights

• Real estate revenue grew 9% to PHP 16.6 billion, while rental income increased up to PHP 16.6 billion.

• Operating expenses decreased up to 10% to PHP 10.4 billion, mainly due to lower impairment and maintenance costs.

• Interest and financing charges surged 73% to PHP 9.8 billion due to lower capitalization of borrowing costs.

• Total assets increased 11% to PHP 380 billion; equity rose 3% to PHP 137.3 billion.

• Net debt to equity stood at 0.86x, while debt to equity was 1.20x at year-end.

Outlook and guidance

• Gross margin is expected to normalize at 65-66% moving forward, reflecting sustainable cost initiatives and land appreciation.

• Most new launches will focus on horizontal and provincial projects, shifting away from oversupplied condo markets.

• Pre-sales targets for 2025 are expected to be at least at 2024 levels.

• No significant seasonal or extraordinary factors anticipated to impact 2025 performance.