RLC earnings jump 47% in 9 months

By JAMES A. LOYOLA

Robinsons Land Corporation (RLC), a leading real estate company in the Philippines, recorded a 47 percent jump in net profits to P6.44 billion for the first nine months of the year compared to the same period in 2020.

In a disclosure to the Philippine Stock Exchange, the firm consolidated revenues were spurred by increasing demand and business activity to rise 41 percent to P30.88 billion from P21.94 billion a year ago.

In the third quarter alone, net income reached P990 million, up 38 percent versus the same period in 2020, following improved operating conditions.

“We sustained business recovery despite the reimposition of stricter quarantine restrictions in August,” RLC President and CEO, Mr. Frederick Go said.

He added that, “As we head into the last quarter of the year, we are encouraged by the waning number of COVID-19 cases in the country, the progress of the government’s vaccination program, and increased mobility.”

RLC also marked the third quarter of 2021 with the successful listing of its real estate investment trust (REIT), RL Commercial REIT, Inc. (RCR), in the PSE. RLC plans to use proceeds from the IPO to fund its long-term growth expansion plans.

“We achieved solid cash generation from our business units over the last year. Through the capital raised from RCR’s IPO, we further strengthened our balance sheet and liquidity. This provides us flexibility and agility to capitalize on new business opportunities and execute our long-term strategies,” Go noted.

Robinsons Malls is gradually gaining momentum as it takes advantage of the improving business environment.

In the third quarter alone, the malls business grew revenues by 8 percent and EBITDA by 14 percent year-on-year. For the first nine months of 2021, revenues closed at P6.00 billion and EBITDA at P2.84 billion.

Meanwhile, Robinsons Offices sustained its stable topline results in the first nine months of the year with a 5 percent growth from a year ago to P4.66 billion.

Driven by the growing e-commerce market and the consequent steady demand for warehousing facilities, Robinsons Logistics and Industrial Facilities achieved a 24 percent increase in revenues to P187 million from its five industrial facilities.

RLC Residences and Robinsons Homes, on the other hand, reported combined net pre-sales of P7.93 billion, 33 percent higher than the previous year.

Realized revenues registered at P5.81 billion, while EBITDA and EBIT closed at P2.09 billion and P2.03 billion, respectively.

Capitalizing on the growing demand for quarantine facilities and long-staying accommodations for BPO employees, Robinsons Hotels and Resorts gained 52 percent in EBITDA to reach P189 million for the period ending 30 September 2021.

In the first nine months of the year, RLC realized revenues of P10.51 billion from its Chengdu Ban Bian Jie project following the handover of Phase 1 condominium units.