RLC nets P10.17B in nine months

Gokongwei-led Robinsons Land Corp. (RLC) booked a net income of P10.17 billion for the first nine months, a modest 2 percent rise from last year. Stripping out a one-time gain from its GoTyme investment reclassification, core earnings grew a stronger 10 percent.

In a stock exchange report on Monday, the listed property developer said consolidated revenues for the period grew 13 percent to P35.61 billion, driven by both the Investment and Development portfolios. 

The Investment portfolio expanded by 9 percent, while the Development portfolio posted a 28 percent gain, with the organic residential segment delivering an outstanding 76 percent year-on-year growth.

Consolidated earnings before interest, taxes, depreciation, and amortization (EBITDA) and earnings before interest and taxes (EBIT) reached P19.03 billion and P14.53 billion, up 7 percent each.

“Despite a more competitive environment and strategic reinvestments, we sustained healthy profitability and expanded our revenue base. 

We remain focused on strategic capital deployment, and delivering long-term value for our stakeholders,” RLC President and CEO Mybelle V. Aragon-GoBio said. 

Operationally, Robinsons Malls posted P14.55 billion in revenue, up 11 percent, with rental income of P10.27 billion, EBITDA of P8.78 billion, EBIT of P6.10 billion, and occupancy steady at 94 percent. 

Robinsons Offices delivered P6.24 billion in revenues, a 5 percent increase, with EBITDA and EBIT at P4.93 billion and P4.06 billion, and occupancy improving to 88 percent.

Robinsons Hotels and Resorts generated P4.74 billion in revenues, up 10 percent, with EBITDA of P1.43 billion, EBIT of P764 million, and occupancy at 66 percent. 

Robinsons Residences reported P4.06 billion in organic project sales and P2.29 billion from joint ventures, with realized revenues up 76 percent to P7.84 billion, EBITDA surging 185 percent to P1.98 billion, and EBIT rising 207 percent to P1.87 billion, supported by P912 million in joint venture earnings. 

Robinsons Logistics and Industrial Facilities contributed P661 million in revenues, with EBITDA of P600 million and EBIT of P438 million, while Robinsons Destination Estates added P674 million, with EBITDA at P399 million and EBIT at P395 million, reflecting stable performance across the portfolio.

In September, the company completed a P7.75 billion overnight block placement of Robinsons Commercial REIT (RCR) shares—the largest REIT sponsor fundraising on the PSE this year—3.7 times oversubscribed, with proceeds earmarked for capital expenditures. 

RLC also infused nine mall assets into Robinsons Commercial REIT, raising RCR’s market capitalization to P141.92 billion, with RLC holding a 60.51 percent stake.

“As we move forward, we are confident that our diversified portfolio and disciplined execution will position Robinsons Land for continued growth and market leadership,” Aragon-GoBio added.