RLC invest portfolio nets P13.21B in 2024

Robinsons Land Corporation (RLC) reported a 10 percent increase in net income for 2024, reaching P13.21 billion from P12.06 billion in 2023, driven by strong performance in its investment portfolio, which accounted for 77 percent of total revenues.

In a stock report on Friday, the Gokongwei-led firm property developer said revenues grew 2 percent to P42.88 billion from P42.02 billion the previous year. 

The diversified portfolio, which spans various segments, played a crucial role in the company’s overall growth.

“Our strong performance in 2024 reflects Robinsons Land’s resilience and strategic focus on sustainable growth. Despite headwinds, we remained agile, leveraging our diverse portfolio and strong balance sheet to drive profitability,” RLC president and CEO  Mybelle Aragon-GoBio said. 

Breaking down the performance by segment, the company’s mall business saw a robust 11 percent increase in revenues to P17.96 billion, driven by higher tenant sales and foot traffic. 

Rental revenues climbed 10 percent to P12.58 billion. The opening of Opus Mall in Bridgetowne Estate expanded RLC’s portfolio to 55 lifestyle centers, further boosting its retail presence.

Office rents 8% higher

The office segment saw a steady 8 percent rise in revenues to P7.95 billion, supported by rental growth, while occupancy remained stable at 86 percent.

RLC’s Hotels and Resorts business also saw impressive results, with revenues surging 31 percent to P6 billion, largely attributed to strong results from international brands and Fili Hotel in Cebu.

The logistics segment, on the other hand, reported a 33 percent increase in revenues to P916 million, driven by the expansion of RLX, which added three new warehouses, bringing its gross leasable space to 294,000 square meters.

In residential sales, RLC Residences posted P20.18 billion in net sales, with P7.29 billion coming from organic projects and P12.89 billion from joint ventures. Realized revenues reached P8.78 billion, including P2.63 billion from joint ventures.