RLC surpasses pre-pandemic profits

Robinsons Land Corporation (RLC), a leading diversified real estate company in the Philippines, posted a 42 percent growth in consolidated net income to P3.63 billion in the second quarter of the year 2022.

In a disclosure to the Philippine Stock Exchange, the firm said its second quarter profit is double that of the first quarter of 2022 and this pushed profits to end at P5.36 billion in the first half of the year, surpassing pre-pandemic numbers by 34 percent.

“The strong quarterly earnings beat was driven by the accelerating recovery of RLC’s investment portfolio, and amplified by revenues from Phase 2 of its Chengdu Ban Bian Jie project in China,” the firm said.

Led by its mall and office businesses and investment portfolio, revenues grew 29 percent to P10.35 billon in the first six months of the year.

With the continued nationwide easing of quarantine restrictions, RLC said it is poised for robust recovery as economic activity rebounds and overall consumer sentiment improves.

Meanwhile, RLC’s property development portfolio generated P17.14 billion in realized revenues in the first half of 2022, driven by the recognition of revenues from the Chengdu Ban Bian Jie project in China and the improved sales recognition of domestic residential projects, particularly in the second quarter.

“With the economy moving towards full reopening, we continue to sustain our upward trajectory and exceed pre-pandemic earnings,” said RLC President and CEO Frederick D. Go.

He added that, “As we move to the second half of the year, we are encouraged by the strong recovery of our malls and hotels, sustained increase in residential sales, the resilience of our office and industrial businesses, and the overall strength of our diversified portfolio.”

“We remain upbeat on our future growth prospects anchored on improved business environment and the country’s stable macroeconomic fundamentals,” Go noted.

Robinsons Malls recorded a 37 percent increase in revenues to P5.7 billion in the first half of 2022 to account for 21 percent of RLC’s consolidated revenues on the back of increased consumer spending and improved foot traffic.

Delivering a 12 percent increase in revenues, Robinsons Offices contributed P3.56 billion or 13 percent to consolidated revenues in the first six months of 2022.

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Its stable topline performance is driven by rental escalations and the success of the Company’s leasing activities for new buildings.

With the resurgence of domestic tourism and reopening of international borders, Robinsons Hotels and Resorts (RHR) improved revenues by 53 percent to P806 million in the first six months of 2022, notwithstanding the transition from quarantine business.

Robinsons Logistics and Industrial Facilities (RLX) reported that industrial leasing revenues in the first half of 2022 surged by 111 percent to Php269 million, year-on-year, as a result of the full-year contribution of new warehouse facilities.

Moreover, Robinsons Integrated Developments recognized revenues of P266 million from a portion of deferred gain on sale of land to joint venture entities.

RLC Residences and Robinsons Homes, on the other hand, posted combined realized revenues of P4.21 billion in the first six months of the year, accounting for 15 percent of consolidated revenues.

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The article was originally published in Manila Bulletin and written by James A. Loyola.

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