Rockwell Land of the Lopez Family is gearing up to launch new projects in nearby Metro Manila provinces to sustain its profit growth, which already breached its pre-pandemic level.
In a stock report on Thursday, the company said that it plans to focus on expanding its business and diversifying its mixed-use portfolio this year to drive up growth.
Rockwell Land has already established its flagship in Makati City and expanded to various locations in Central and Southern Luzon, as well as the Visayas region.
Based on the company's latest financial data, its net income has already breached its pre-pandemic level, which increased by 31 percent to P3.4 billion in 2023 as the market showed strong signs of recovery.
The company said on Thursday that the growth was driven by the P18.5 billion in revenues from both their residential and commercial businesses at the end of 2023.
Residential development revenue at P14.4 billion witnessed a growth of 18 percent, largely due to the strong market reception of Edades West in Makati and expansion projects in key provincial sites like Lincoln at IPI Center in Cebu, Cluster 5 of Rockwell South at Carmelray in Canlubang, and Phase 5 of Terreno South in Batangas. The reservation sales also skyrocketed to P20.3 billion.
Another significant improvement was observed in retail revenues, which grew to P2.2 billion in 2023, 27 percent higher than the previous year.
The growth was attributed to improvements in occupancy and rental rates, along with new retail store openings.
