RLC income surges 62% to P8.5 billion in 2021

MANILA, Philippines — Robinsons Land Corp. (RLC), the Gokongwei-led listed property developer, reported a consolidated net income of P8.5 billion last year, up 62 percent.

Consolidated revenues grew by 30 percent to P36.54 billion as lockdown restrictions eased.

In the fourth quarter alone, net income grew to P2.06 billion, up 108 percent quarter on quarter.

RLC president and CEO Frederick Go said RLC is in a strong position to capture opportunities as the economy recovers.

“2021 was an eventful year for RLC. We pushed boundaries to create value for our stakeholders and continued to invest in our long-term sustainability. As the economy approaches full reopening, the diversity of our portfolio, our healthy balance sheet and agile mindset put us in a strong position to capture growth opportunities toward accelerated recovery,” Go said.

RLC spent P24.82 billion in capital expenditures last year for its investments in malls, offices, hotels, industrial facilities, destination rstates, residential projects, and landbank in the Philippines.

Robinsons Malls recorded revenues of P2.25 billion in the fourth quarter of 2021, up 22 percent from the same quarter a year ago.

RLC is optimistic that mall operating fundamentals will continue to rebound on the back of wide-spread vaccinations and pent-up demand.

Robinsons Offices, meanwhile, sustained the upward trajectory of its topline results, posting a nine percent increase to P6.49 billion.

Robinsons Offices completed Cyber Omega in Ortigas Center in Pasig City and Bridgetowne Campus One in RLC’s Bridgetowne Destination Estate and Cybergate Iloilo, boosting the company’s portfolio to 688,000 sqm in net leasable area.

The logistics business through Robinsons Logistics and Industrial Facilities (RLX) soared by 50 percent to P354 million last year. RLX has seven industrial facilities located in Sucat, Muntinlupa, Sierra Valley in Cainta, San Fernando and Mexico in Pampanga, and Calamba, Laguna.

The company’s hotel business achieved a quarter-on-quarter revenue growth of 16 percent with the re-opening of Dusit Thani Mactan Cebu in November while 2021 revenues grew by 11 percent compared to 2020.

RLC also realized revenues of P10.94 billion from its Chengdu Ban Bian Jie project following the handover of Phase 1. Total project is already 95 percent sold out, as Phase 2 reached 97 percent completion.

Furthermore, RLC has recovered 89 percent of its invested capital with the repatriation of $200 million.