Robinsons Land Q1 Domestic Operating Income Up 12% YoY Driven By Malls And Offices

Robinsons Land Corporation (RLC), a leading diversified real estate company in the Philippines, accelerated its operating income from domestic operations by 12% to Php2.29 billion for the first quarter ended 31 March 2022 versus the same period last year.

Photo Insert: Robinsons Offices delivered stable topline results with a 12% growth in revenues to Php1.77 billion in the first quarter of 2022.

RLC’s investment portfolio continued to rebound strongly with a double-digit topline growth for the first three months of the year. Led by the mall and office businesses, revenues jumped 19% to Php4.92 billion to contribute 73% of total revenues, 85% of overall EBITDA, and 78% of consolidated operating income.

As more regions, including Metro Manila, transitioned to the lowest COVID-19 alert level, the Company is poised for sustained recovery on the back of increased mobility, improved consumer sentiment, and expanded operational capacities.

Meanwhile, the Company’s property development portfolio generated Php1.77 billion in realized revenues in the first quarter of 2022, registering a decline of 86% due to the recognition of revenues from China last year.

In Q1 2021, RLC booked Php10.45 billion in revenues from its Chengdu Ban Bian Jie project in China following the completion of handover activities for Phase 1. The Company is expecting to match this with revenues from Phase 2, which will be recognized in the succeeding quarter.

On a quarter-on-quarter basis, RLC continued to build momentum with a 40% sequential growth in consolidated operating income, supported by a solid 18% increase in total revenues for Q1 2022 against Q4 2021. Net income settled at Php1.74 billion, 94% of the recorded profits in the first three months of 2019.

RLC’s financial position remained robust with about Php10 billion of cash balance, and a net gearing ratio of 0.26x as of March 2022. Total assets stood at Php223 billion, while Shareholders’ Equity finished at Php128 billion.

“The encouraging signs of recovery across our businesses solidify our optimism in RLC’s future growth prospects. Our strong fundamentals and solid balance sheet will boost recovery momentum, driving us closer to pre-pandemic performance. We will push to capitalize on opportunities to accelerate growth and deliver long-term sustainable value,” said RLC President and CEO Frederick D. Go.

WEEKLY FEATURE : MVP Group Keeps Lights On During Pandemic