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Ayala Land, Inc.

Company Background

Ayala Land was created in 1988 when the Ayala Group decided to spin off its real estate division so that it could focus on property development. The company, one of the largest in the Philippines, has core operations in property development and management, commercial leasing, as well as hotels and leisure services.


Ayala Land also does businesses outside its core real estate operations to complement its mixed-use communities, which the company is known for. In 2013, Ayala Land teamed up with medical center operator Mercado Group of the Philippines to establish hospitals and clinics located in the company's mixed-use developments. The first QualiMed clinic opened in February 2014. Ayala Land in 2013 also partnered with listed supermarket operator Puregold Price Club for the development of supermarket chains in Ayala Land properties.


Company CEO Bernard Vincent Dy earned an MBA as well as a master's in international relations from the University of Chicago. He used to be Ayala Land's chief operating officer.

Business Summary

Ayala Land, Inc. engages in the development of real estate properties. It operates through the following segments: Shopping Centers, Corporate Businesses, Residential Developments, Construction, Hotels and Resorts, Property Management, and Others. The Shopping Centers segment involves in the development of shopping centers and lease to third parties of retail space and land therein; operation of movie theaters, food courts, entertainment facilities, gas stations and carparks. The Corporate Businesses segment includes development and lease or sale of office buildings; sale of industrial lots and lease of factory building. The Residential Developments segment consists of residential lots and units, housing units and lots, economic housing, and leisure community developments. The Construction offers land development and construction of the Group and third-party projects. The Hotels and Resorts segment comprises of development and management of hotels and resorts or serviced apartments and lease of land to hotel tenants. The Property Management includes facilities management of the Group and third-party projects. The Others segment consists of investment activities and sale of non-core assets. The company was founded on June 30, 1988 and is headquartered in Makati City, Philippines.

Financial Highlights

Dec 2019 PHPUSD
Gross Profit71,320.00M1,377.35M
Operating income49,708.86M959.99M
Income before tax49,863.88M962.98M
Net income33,188.39M640.94M
Diluted EPS2.240.04
Dividends Per Share----
Total Assets720,293.52M14,222.40M
Total liabilities475,709.78M9,393.02M
Total equity212,928.20M4,204.32M
Operating cash flow36,012.23M695.48M
Currency in PHPCurrency in USD

Historical Data

 Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019
Revenue 107,468.49M 123,863.24M 140,001.24M 165,291.25M 166,897.70M
Gross Profit 41,707.47M 46,858.14M 51,595.47M 63,571.51M 71,320.00M
Operating income 28,272.57M 31,897.89M 37,432.87M 45,110.41M 49,708.86M
Income before tax 27,891.29M 32,109.03M 37,990.64M 45,201.02M 49,863.88M
Net income 17,630.27M 20,908.01M 25,304.96M 29,240.88M 33,188.39M
EBITDA 39,841.73M 45,001.64M 50,347.75M 60,639.31M 70,783.64M
Diluted EPS 1.20 1.43 1.71 1.98 2.24
Dividends Per Share 0.47 0.48 0.50 0.52 --
Total Assets 444,691.88M 538,486.23M 576,632.11M 671,195.93M 720,293.52M
Total liabilities 293,718.94M 364,417.36M 382,831.62M 449,298.17M 475,709.78M
Total equity 134,878.23M 149,090.77M 168,291.73M 188,976.40M 212,928.20M
Operating cash flow 20,181.73M 33,040.29M 24,233.58M 11,767.91M 36,012.23M
 Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019
Revenue 2,360.23M 2,608.33M 2,776.99M 3,137.47M 3,223.18M
Gross Profit 915.98M 986.74M 1,023.42M 1,206.68M 1,377.35M
Operating income 620.92M 671.71M 742.50M 856.26M 959.99M
Income before tax 612.55M 676.15M 753.56M 857.98M 962.98M
Net income 387.19M 440.28M 501.93M 555.03M 640.94M
EBITDA 875.00M 947.65M 998.67M 1,151.02M 1,366.99M
Diluted EPS 0.02 0.03 0.03 0.03 0.04
Dividends Per Share 0.01 0.01 0.00 0.00 --
Total Assets 9,450.47M 10,832.00M 11,551.12M 12,764.01M 14,222.40M
Total liabilities 6,242.03M 7,330.49M 7,668.90M 8,544.22M 9,393.02M
Total equity 2,866.39M 2,999.06M 3,371.22M 3,593.73M 4,204.32M
Operating cash flow 443.23M 695.76M 480.68M 223.37M 695.48M

Valuation Measures

Dec 2019
Operating margin29.78%
Profit margin19.88%

Key executives

  • President, Chief Executive Officer & Director: Bernard Vincent Olmedo Dy
  • Treasurer, Chief Financial & Compliance Officer: Augusto Cesar D. Bengzon
  • Senior Vice President: Anna Maria Margarita Bautista Dy
  • Vice President: Maria Rowena Victori M. Tomeldan
  • Vice President: Michael Alexis C. Legaspi


  • Ayala Corp. (44.7%)
  • Invesco Advisers, Inc. (3.0%)
  • Capital Research & Management Co. (World Investors) (2.6%)
  • Government Service Insurance System (2.6%)
  • The Vanguard Group, Inc. (2.0%)
  • Norges Bank Investment Management (1.5%)
  • Aberdeen Asset Managers Ltd. (1.2%)
  • Fidelity Management & Research Co. LLC (1.1%)
  • Aberdeen Standard Investments (Asia) Ltd. (1.0%)
  • BlackRock Fund Advisors (0.8%)

Contact Details

  • Website:
  • Address: Tower One & Exchange Plaza, Ayala Triangle, Makati City, 1226, Philippines
  • Phone: +63.2.908.3676

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Last Updated on 8 Jul, 2020

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