Rockwell 2023 income surpasses pre-pandemic level

MANILA, Philippines — Lopez-owned property developer Rockwell Land Corp. finished 2023 on a high note with earnings surpassing pre-pandemic level.

Rockwell ended 2023 with a consolidated net income after tax of P3.4 billion, up 31 percent from a year ago.

The company generated P18.5 billion in revenues from both its residential and commercial businesses.

Residential development revenue rose by 18 percent to P14.4 billion.

Reservation sales during the year hit P20.3 billion after the strong market reception of Edades West in Makati and expansion projects in key provincial sites such as Lincoln at IPI Center in Cebu, Cluster 5 of Rockwell South at Carmelray in Canlubang and Phase 5 of Terreno South in Batangas.

Rockwell, likewise, saw a notable jump in retail revenues which expanded by 27 percent to P2.2 billion on the back of improvements in occupancy and rental rates.

Rockwell said it would launch new projects this year in key provinces south of the Metro to grow its presence and diversify its product portfolio.

From its flagship in Makati City, Rockwell has continued to expand in other locations in Central and Southern Luzon as well as the Visayas region.

“The real estate industry remains progressive and Rockwell Land is bolstered by its promising performance from the previous year,” the company said.

“Rockwell will continue to provide quality mixed-use communities as it continues to grow its business and expand its footprint,” it said.