ROBINSONS LAND EARNS P12.6B
GOKONGWEI-LED Robinsons Land Corp. (RLC) on Friday reported an “all-time high” net income attributable to the parent of P12.6 billion last year, up 24 percent from the P9.7 billion recorded in 2022.
This was due to contributions from the mall and hotel businesses as well as its joint ventures, the property developer told the stock exchange.
Excluding the impact of a one-off gain from the previous year, net income attributable to the parent for the year would have surged by 45 percent year on year, it added.
“We are delighted with the outstanding performance demonstrated across our real estate businesses, which propelled us to reach record-breaking heights,” said Lance Gokongwei, chairman, president and chief executive officer of Robinsons Land.
Consolidated revenues dropped by 8.0 percent to P42.02 billion due to the impact of a higher base, which was a result of the “substantially recognized revenue contribution from China’s Ban Bian Jie development project.”
Excluding the China revenue impact, consolidated revenues would have increased 28 percent year on year.
The investment portfolio added P28.8 billion, or 69 percent, to total revenues. This accounted for 76 percent of earnings before interest, taxes, depreciation and amortization (Ebitda) and 70 percent of consolidated operating income.
“The remaining portion of revenues and Ebitda, amounting to P13.2 billion and P5.4 billion, respectively, came from RLC’s development portfolio.”
By segment, Robinsons Malls expanded revenues by 24 percent to P16.2 billion on sustained growth in consumer spending and retail sales. Rental revenues also climbed by 28 percent to P11.5 billion.
Robinsons Hotels and Resorts nearly doubled its revenues to P4.6 billion, thanks to post-pandemic recovery in the tourism and hospitality sectors.
Robinsons Office posted stable topline results, up 4.0 percent to P7.4 billion, “due to the complete utilization of offices completed in 2022.”
The developer currently has 31 office buildings with a total gross leasable space of 741,000 square meters. Of these buildings, 16 had been infused into its real estate investment trust, RL Commercial REIT Inc.
Robinsons Logistics and Industrial Facilities, which owns industrial plants in Muntinlupa, Laguna, Rizal and Pampanga, posted revenue growth of 24 percent to P687 million.
Robinsons Destination Estates booked revenues of P1.2 billion “from a portion of deferred gain on the sale of land to joint venture entities.”
In the residential segment, RLC Residences and Robinsons Homes notched a combined net sales takeup of P21.3 billion, up 26 percent from 2022.
Realized revenues in the segment rose 32 percent to P12 billion, while residential net sales take-up from joint-venture projects grew 117 percent to P19.47, the company said.
As of end-2023, RLC’s total assets stood at P236 billion and its shareholders’ equity was at P142 billion, while the company’s net gearing ratio was at 36 percent.
On Friday, RLC shares rose by 8 centavos, or 0.48 percent, to P16.74 each as the benchmark Philippine Stock Exchange index finished the week up by 1.53 percent.