Robinsons Land Corp., the property arm of the Gokongwei Group, said Friday net income hit a record high of P9.75 billion in 2022, up 21 percent from 2021 level, fueled by higher residential sales and robust rental income from malls and office projects.
RLC said consolidated sales also jumped 25 percent year-on-year to P45.5 billion on higher sales recognition of residential projects, success of leasing activities across its investment properties and accelerated recovery of consumption in the malls.
“We achieved record profitability in 2022 on the strength of a fully-reopened economy and robust consumer spending. Our strategic investments and key initiatives continue to fuel our growth across all our businesses. As we move forward, we remain steadfast in our commitment to serve our customers better and create sustainable value for stakeholders,” said RLC president and chief executive Frederick Go.
The group’s mall business registered revenues of P13.04 billion, up 58 percent year-on-year following the lifting of tenant concessions, resurgence of foot traffic in stores and improved consumer spending during the holiday season.