RLC beats pre-pandemic performance

Robinsons Land Corporation (RLC), a leading diversified real estate company in the Philippines, reported that its 2022 performance surpassed pre-pandemic levels on the back of robust contributions from all its businesses.
In a disclosure to the Philippine Stock Exchange, the firm said its attributable net income rose 21 percent to P9.75 billion versus 2021 and is 12 percent higher than 2019.
Earnings was at an all-time high, despite the absence of commercial land sales and the effect of tax adjustments under the CREATE Act.
Consolidated revenues ended at P45.51 billion, up 25 percent year-on-year on account of the 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,” said RLC President and CEO Frederick D. Go.
He added that, “As we move forward, we remain steadfast in our commitment to serve our customers better and create sustainable value for stakeholders.”
Robinsons Malls grew total revenues by 58 percent to P13.03 billion to account for 29 percent of RLC’s consolidated revenues in 2022.
Rental revenues jumped 74 percent following the lifting of tenant concessions, resurgence of foot traffic in stores, and improved consumer spending during the holiday season.
Robinsons Malls also increased total gross leasable area by 2 percent to 1.6 million square meters, with the opening of Robinsons Place Gapan in the fourth quarter of 2022.
Meanwhile, Robinsons Offices sustained its upward trajectory in 2022 through rental escalations and stable occupancy rates. Revenues climbed by 9 percent versus last year to close at P7.07 billion.
Robinsons Offices completed three new office developments to bring its office portfolio to 740,000 sqm of gross leasable space. The Company likewise strengthened its presence in the growing flexible workspace segment with the opening of two new build-to-suit work.able centers for a total of eight sites.
With the global reopening of economy, Robinsons Hotels and Resorts (RHR) grew revenues by 94 percent to P2.33 billion in 2022. Higher average room rates, increased F&B sales, and the resurgence of MICE events positioned RLC’s hospitality business for a strong recovery.
RHR completed three new hotels – Go Hotels Plus Naga, Go Hotels Plus Tuguegarao, and Summit Hotel Naga in 2022. It also opened Fili Hotel at NuStar, the Philippines first homegrown authentic 5-star luxury hotel.
Robinsons Logistics and Industrial Facilities (RLX) reported that industrial leasing revenues in 2022 accelerated by 57 percent to P555 million year-on-year, driven by the full-year contribution of new industrial facilities.
Robinsons Integrated Developments recognized revenues of P646 million from a portion of deferred gain on sale of land to joint venture entities.
RLC Residences and Robinsons Homes marked an exceptional year in 2022. The Company’s residential brands posted combined realized revenues of P9.10 billion for 2022 to grow by 44 percent year-on-year.
This remarkable performance is attributable to increased payment collections from RLC home/unit buyers, timely completion of residential projects, and significant contributions from joint venture equity earnings.
Residential net sales take-up from organic projects more than doubled in the fourth quarter of 2022, while full year net pre-sales improved by 57 percent versus the same period last year.
RLC recognized revenues of P12.78 billion from Phase 2 of its Chengdu Ban Bian Jie project, exceeding revenues recognized from Phase 1 in 2021 by 17 percent. Furthermore, $25 million had been received as dividends following the repatriation of 99.78 percent of RLC’s invested capital.