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Robinsons Land income up 21% in 2022, exceeds pre-pandemic level

ROBINSONS Land Corp. (RLC) posted a 21% increase in profits in 2022, surpassing its pre-pandemic levels.

In a statement, the Gokongwei-led real estate company said net income attributable to parent hit an all-time high of P9.75 billion in 2022, up 21% year on year “despite the absence of commercial land sales and the effect of tax adjustments under the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act.”

Last year’s profit was also 12% higher than the 2019 level.

Consolidated revenues jumped 25% to P45.51 billion, thanks to “sales recognition of residential projects, success of leasing activities across its investment properties, and accelerated recovery of consumption in the malls.”

RLC said its earnings per share  reached a record P1.91 per share, 23% up year on year.

“We achieved record profitability in 2022 on the strength of a fully reopened economy and robust consumer spending. Our strategic investments and key initiatives continue to fuel our growth across all our businesses. As we move forward, we remain steadfast in our commitment to serve our customers better and create sustainable value for stakeholders,” RLC President and CEO Frederick D. Go said in a statement.

Robinsons Malls saw its revenues surge 58% to P13.03 billion last year, making up 29% of RLC’s consolidated revenues. This was driven by a 74% increase in rental revenues as tenant concessions were lifted and mall foot traffic improved.

Meanwhile, RLC Residences and Robinsons Homes reported combined realized revenues of P9.10 billion, up 44% year on year.

“This remarkable performance is attributable to increased payment collections from RLC home/unit buyers, timely completion of residential projects, and significant contributions from joint venture equity earnings,” RLC said.

The company said residential net sales take-up more than doubled in the fourth quarter, while full year net pre-sales rose 57%.

Revenues of Robinsons Offices jumped 9% to P7.07 billion in 2022, thanks to rental escalations and steady occupancy rates. It completed Cybergate Galleria Cebu, Cybergate Iloilo 2 and Cybergate Bacolod 2, bringing its office portfolio to 740,000 square meters of gross leasable space.

Robinsons Hotels and Resorts (RHR) nearly doubled its revenues to P2.33 billion in 2022, due to “higher average room rates, increased food and beverage sales, and the resurgence of MICE (meetings, incentives, conferences, and exhibitions) events.”

RHR completed three new hotels — Go Hotels Plus Naga, Go Hotels Plus Tuguegarao, and Summit Hotel Naga, and opened Fili Hotel at NuStar in Cebu.

Robinsons Logistics and Industrial Facilities (RLX) posted a 57% rise in industrial leasing revenues to P555 million. RLX currently has eight industrial facilities.

Meanwhile, RLC said it recognized P12.78 billion revenues from Phase 2 of its Chengdu Ban Bian Jie project in China.  This exceeded the revenues recognized from Phase 1 in 2021 by 17%. — CRAG

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