Rockwell Land Corp., the upscale property development arm of the Lopez group, saw its attributable net income surge 67 percent to ₱1.29 billion in the first quarter of 2026 from the ₱773 million earned in the same period last year on strong gains from its residential and commercial businesses.

In a disclosure to the Philippine Stock Exchange (PSE) last week, the firm said consolidated net income jumped 52 percent to ₱1.43 billion from ₱943 million in the first quarter of last year.

Rockwell registered ₱6.46 billion in consolidated revenues, 45 percent higher than last year’s ₱4.45 billion, with residential development accounting for 75 percent of total revenues in 2026, slightly lower than last year’s 77 percent.

Total earnings before interest, taxes, depreciation, and amortization (EBITDA) reached ₱2.72 billion, 42 percent higher than last year’s ₱1.92 billion, driven by higher EBITDA from residential development.

Overall EBITDA margin stood at 42 percent of total revenues, slightly lower than last year’s 43 percent.

The total revenues used as basis for the EBITDA margin exclude gross revenues from the joint ventures (JVs) with Manila Electric Co. (Meralco) and International Pharmaceuticals Inc. (IPI).

Share in net income from the JVs contributed four percent to the company’s total EBITDA.

Residential development and commercial development contributed 60 percent and 40 percent to total EBITDA, respectively.

Residential development generated ₱4.85 billion, contributing 75 percent of total revenues for the period.

Revenue was primarily derived from real estate sales due to higher project accomplishment compared to last year.

EBITDA from this segment amounted to ₱1.63 billion, 39 percent higher than the ₱1.17 billion recorded in the same period last year, mainly attributable to increased revenues.

Commercial development revenues rose 55 percent to ₱1.6 billion from ₱1.03 billion in 2025, mainly driven by the consolidation of Alabang Commercial Center (ACC).

Retail operations, which include retail leasing, interest income, and other mall revenues, generated ₱1.14 billion in revenues, 74 percent higher than last year’s ₱652 million due to improved average rental rates, higher occupancy, and contributions from ACC.

Office operations generated ₱403 million, equivalent to six percent of total revenues. Office operations include office leasing, sale of office units, and other office revenues.

Hotel operations contributed one percent of total revenues. Its revenues amounted to ₱65 million, while costs and expenses reached ₱48 million, resulting in EBITDA of ₱17 million.

Commercial development EBITDA amounted to ₱1.09 billion, 46 percent higher than the same period last year. This includes the share in net income from the JVs amounting to ₱103 million, contributing nine percent to the segment’s EBITDA.

Realized share in net income from JVs and associates amounted to ₱106 million, lower than last year’s ₱111 million. The five-percent decline from last year was mainly due to higher costs from Rockwell IPI, slightly offset by improved performance from Rockwell Business Center-Ortigas.

At its 70-percent share, Rockwell generated total revenues of ₱156 million and share in net income of ₱103 million. - James A. Loyola