Robinsons Land Corporation (RLC), the diversified real estate arm of the Gokongwei Group, repored a 23 percent growth in attributable net income to P5.78 billion in the first half of the year.

In a disclosure to the Philippine Stock Exchange, the firm said this was achieved even with the high base effect of earnings from its Chengdu Ban Bian Jie project in China last year. Excluding China, profits from domestic operations accelerated by 71 percent.

“The success of our strategic initiatives, supported by improving market conditions, fueled the Company’s strong first-half results. We look forward to the sustained expansion of our businesses and pursuing investments that will allow us to further create value for our stakeholders,” said RLC President and CEO Frederick D. Go.

Consolidated revenues registered at P19.63 billion, while EBITDA and EBIT reached P10.87 billion and P8.25 billion, respectively. 

RLC’s investment portfolio contributed 71 percent of total revenues, 78 percent of overall EBITDA, and 72 percent of consolidated operating income, driven by the continued resurgence of the mall and hotel businesses.

In the first six months of the year, Robinsons Malls’ revenues increased by 36 percent to P7.76 billion on the back of improved occupancy rates and higher consumer spending. 

Total mall leasable space currently stands at 1.6 million square meters with over 8,000 retailers.

Capitalizing on the significant recovery of travel and tourism, Robinsons Hotels and Resorts (RHR) grew revenues by 148 percent to P2 billion in the first half of 2023, propelled by higher occupancy and room rates. 

Robinsons Offices and Robinsons Logistics and Industrial Facilities (RLX), meanwhile, contributed stable topline growths of 4 percent and 9 percent, respectively.

On the other hand, RLC Residences and Robinsons Homes, under the Company’s property development portfolio, generated P5.39 billion in realized revenues for the first half of 2023. 

Excluding China, revenues grew 28 percent on the back of higher collections, faster construction progress, and strong equity earnings contribution from joint venture projects amounting to P1.01 billion, 53 percent better than 2022.

Net sales take-up for the first half of 2023 accelerated by 107 percent year-on-year to P12.43 billion, from P6.01 billion in the same period last year. 

Meanwhile, residential sales from joint venture projects rose 74 percent to P8.79 billion.

RLC recorded property development revenues of P446 million for the first six months of the year from the sale of parcels of land to joint venture entities. 

In the first six months of 2023, RLC spent P9.25 billion in capital expenditures primarily for the development of malls, offices, hotels, warehouse facilities, and residential projects for local operations.

To date, RLC has over 800 hectares of land bank nationwide. The Company continues to be on the lookout for properties to acquire for the expansion of its various businesses. It remains open to joint venture projects with property owners and developers.