RLC 2022 Earnings Surged As Economy Reopened

Robinsons Land Corp. (RLC) saw its earnings surge in 2022 on the back of “strong growth across all business”, with its residential segment posting a “remarkable performance."

Photo Insert: Broken down, Robinsons Malls fattened its haul as rental revenues jumped 74% annually.

In a disclosure sent to the Philippine Stock Exchange, the Gokongwei-led real estate firm reported its bottom line soared 21% year-on-year to P9.75 billion in 2022. Consolidated revenues grew 25% on-year to P45.51 billion on the back of resurgent consumer spending, leasing activities, and residential project sales.

Robinsons Land said it spent P25.86 billion in capital expenditures in 2022 to develop malls, offices, hotels, and warehouse facilities. That amount was also used to scoop up land and build residential projects for its local operations.

“We achieved record profitability in 2022 on the strength of a fully reopened economy and robust consumer spending,” said Frederick Go, company president and chief executive.

Broken down, Robinsons Malls fattened its haul as rental revenues jumped 74% annually. Easing mobility restrictions facilitated greater traffic within its shopping malls. Revenues from this segment skyrocketed 58% on-year to P13.03 billion in 2022, accounting for more than a quarter of Robinsons Land’s revenues last year.

Robinsons offices likewise reported soaring revenues, at 9% year-on-year to close P7.07 billion up, on the back of increased rent and stable occupancy rates. Its hospitality segment posted positive figures owing to pricier room rates and increase food and beverage sales.

Revenues of Robinsons Hotels and Resorts fattened 94% on annual basis to P2.33 billion in 2022.

The earnings before interest, taxes, depreciation, and amortization of Robinsons Logistics and Industrial Facilities lept 48% year-on-year to P479 million in 2022.

Its residential real estate arm posted positive figures as well, on the back of improving payment collections and project completions. The company noted that the combined revenues of RLC Residences and Robinsons Homes zoomed up 44% year-on-year to P9.1 billion in the past year.

Robinsons Land noted that 2022 residential net pre-sales ballooned 57% on-year in 2022.

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