The property arm of the Gokongwei family, Robinsons Land Corp. posted strong financial results in the third quarter with net earnings more than doubling on robust contributions from the malls, offices, hotels, and industrial facilities.
For the first nine months of the year, RLC grew its net income by six percent to P6.74 billion as revenues rose 16 percent to P35.77 billion, driven by increased commercial leasing, accelerated consumption recovery in the malls, and improved sales recognition of domestic residential projects.
The growth in revenues came from Phase 2 of the Chengdu Ban Bian Jie project in China.
RLC sustained its strong financial position with total assets of P221 billion and shareholders’ equity of P133 billion.
“The strong recovery of our investment portfolio fueled the company’s growth in the first nine months. With the economy inching closer to full reopening, RLC is benefitting from the overall improvement in consumer sentiment going into the holiday season. We are encouraged to keep pursuing our investment strategies to create long-term value for our shareholders,” said RLC president and CEO Frederick D. Go.
Revenues from the shopping mall business jumped by 54% to P9.25 billion, accounting for 26 percent of the RLC’s consolidated revenues in the first nine months. Rental revenues jumped 70 percent following the resurgence of foot traffic in physical stores and the continuous return to normal for business operations nationwide.
Robinsons Offices achieved stable topline results in the third quarter with a 10 percent growth to P1.72 billion. This brought nine-month tally to P5.28 billion or an increase of 12 percent year on year driven by rental escalations and leasing activities for new buildings namely, Cybergate Iloilo 1, Cyber Omega in Ortigas Center, and Bridgetowne East Campus One in RLC’s Bridgetowne Destination Estate.
With the significant easing of travel restrictions, resurgence of domestic tourism, and reopening of international borders, Robinsons Hotels and Resorts (RHR) saw revenues jump by 65 percent to P1.39 billion in the first nine months.
Robinsons Logistics and Industrial Facilities (RLX) continues to make progress in its goal to become a market leader in the i sector. Industrial leasing revenues soared by 104 percent during the nine-month period to P406 million.
New project launches lifted the combined net sales take-up of RLC Residences and Robinsons Homes by 33% to P10.53 billion in first nine months of 2022. In the third quarter, revenues surged 96 percent to P2.1 billion, while net sales take-up escalated by 89 percent to P4.52 billion.