RLC posts record P12.1 billion profit in 2023

MANILA, Philippines — Robinsons Land Corp. (RLC) raked in a record profit of P12.06 billion in 2023 as malls gained from the recovery of consumer confidence and spending.

The Gokongwei-led company grew its net income by 24 percent from P9.75 billion in 2022, pinning the growth to the success of its malls, offices and hotels.

RLC realized an eight percent decline in revenue to P42.02 billion in 2023 from P45.51 billion in 2022, because earnings back then were bloated by contributions from its high-rise project in Chengdu, China.

Excluding the China impact, revenue went up by 28 percent in 2023 on the strong showing of all its units, from malls and offices, to hotels and logistics. RLC’s investment portfolio constituted the bulk of the revenue at P28.82 billion, while its developments covered P13.2 billion.

By segment, Robinsons Malls accounted for two thirds of the earnings, as revenues spiked by 24 percent to P16.21 billion, with rentals increasing by 28 percent to P11.49 billion.

RLC said malls gained from the rebound in consumer spending and the surge in retail sales. It maintained a total of 1.6 million square meters in leasable space, and occupancy has reached 92 percent with the arrival of new tenants. 

Revenues raised by Robinsons Offices inched up by four percent to P7.36 billion, managing to acquire lessees for all of the offices that RLC completed in 2022.

 The listed company manages a portfolio of 31 offices with a leasable space of 741,000 square meters, most of which are located in business districts to serve corporate requirements.

Robinsons Hotels and Resorts contributed an all-time high of P4.56 billion in revenues, almost doubling from 2022’s P2.33 billion, on the return of the meetings, incentives, conferences and exhibitions industry.

RLC said the unit benefited from an increase in average room rates.

Meanwhile, Robinsons Destination Estates generated P1.16 billion in revenues from the deferred gains on the sale of land to joint ventures, while Robinsons Logistics and Industrial Facilities improved its revenues by 24 percent to P687 million.

Last year, the Gokongwei Group’s property arm launched four new projects, including Le Pont Residences in Bridgetowne, Sierra Valley Gardens Building 4 in Cainta, Mantawi Residences Tower 1 in Mandaue and Woodsville Crest Olive Building in Merville, Parañaque. 

RLC owns more than 800 hectares of land across the archipelago and is open to opportunities to expand its portfolio through property acquisitions and joint ventures.