Gokongwei-led Robinsons Land Corp. (RLC), saw its net income increase by 24 percent in 2023 to P12.06 billion versus a year ago level, driven by the continued recovery of its malls and hotel businesses.
Excluding the impact of the China profit from the previous year, the core net income attributable to the parent for 2023 surged 45 percent year-on-year.
RLC said in a disclosure to the stock exchange Friday, consolidated revenues declined by 8 percent year-on-year to P42 billion as last year revenues were boosted by sales from China’s residential development project.
“We are delighted with the outstanding performance demonstrated across our real estate businesses which propelled us to reach record breaking heights. These achievements underscore our steadfast dedication to delivering excellence through timely execution, strategic initiatives, and an unwavering commitment to delivering quality and value to all our stakeholders,” said RLC chairman, president and chief executive Lance Gokongwei said.
The group’s investment portfolio, which includes malls, hotels, and office businesses, contributed 69 percent of total consolidated revenues, amounting P28.82 billion.
RLC’s mall business posted 24 percent increase in year-on-year revenues to P16.21 billion driven by sustained growth in consumer spending and retail sales.
Rental revenues rose 28 percent to P11.49 billion. RLC’s total mall leasable space stands at 1.6 million square meters, with a system-wide occupancy rate of 92 percent.
Its hotels and resorts (RHR) reached a record-breaking P4.56 billion due to a resurgence in tourism and hospitality, while the office business delivered 4 percent growth in sales to P7.36 billion despite challenging environment.
The company’s logistics and industrial facilities registered a 24-percent increase in sales to P687 million in 2023.
It owns nine industrial facilities strategically located in Sucat, Muntinlupa, Sierra Valley in Cainta, San Fernando, Mexico in Pampanga, and Calamba, Laguna.
Meanwhile, RLC’s residential business booked realized revenues of P12 billion, up 32 percent from last year’s level, on the back of higher collections from buyers reaching the equity threshold, faster construction progress, and strong equity earnings contribution from joint venture projects.
Reservation sales from high-rise and house and lot projects reached a record P21.3 billion, up 26 year-on-year.