Rockwell Land net grows 31% to P3.4B

LOPEZ-LED Rockwell Land Corp., developer of the Rockwell Center Complex in Makati, on Thursday said that net income last year surged 31 percent to P3.4 billion, from P2.6 billion in 2022, on the back of improved sales.

Net income attributable to the parent company totaled P3.1 billion, while total revenues expanded to P18.5 billion from P16.5 billion, spurred by growth in its residential and commercial businesses, the company said in a disclosure.

Revenues from residential development climbed by 18 percent to P14.4 billion, with reservation sales amounting to P20.3 billion and lifted by strong market demand and expansions in provincial areas.

Retail revenues also rose 27 percent year on year to P2.2 billion on improved occupancy and rental rates, complemented by new retail store launches.

This year, Rockwell Land plans to launch new projects in key provinces south of Metro Manila, in line with initiatives to expand its presence and diversify its product portfolio.

“The real estate industry remains progressive, and Rockwell Land is bolstered by its promising performance from the previous year,” it said.

Last January, the property developer tapped Metropolitan Bank and Trust Co. for a P5-billion, seven-year term loan facility to fund its capital expenditures, land acquisitions and upcoming investments.

The following month, the Rockwell board also authorized another P5-billion, 10-year term loan facility with Philippine National Bank and a separate P5-billion, seven-year term loan with Rizal Commercial Banking Corp.

Early this month, the company disclosed plans to secure a fresh P5billion, 10-year term loan facility with BDO Unibank Inc. to further finance its expansion projects.

Shares in Rockwell Land improved by 2.14 percent to P1.43 each on Thursday.