RLC profits jump 62% in 2021

Robinsons Land Corporation (RLC), one of the leading diversified real estate companies in the Philippines, reported a 62 percent jump in consolidated net income to P8.50 billion last year, moving closer to pre-pandemic levels.

In a disclosure to the Philippine Stock Exchange, the firm said attributable net income closed at P8.06 billion, which translated to Earnings per Share of P1.55, exceeding last year’s P1.01.

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Consolidated revenues grew 30 percent to P36.54 billion in 2021. With the easing of lockdown restrictions in the fourth quarter, total revenues reached P5.66 billion, while net income soared to P2.06 billion for a quarter-on-quarter growth of 15 percent and 108 percent, respectively.

RLC President and CEO Frederick D. Go said “2021 was an eventful year for RLC. We pushed boundaries to create value for our stakeholders and continued to invest in our long-term sustainability.”

“As the economy approaches full reopening, the diversity of our portfolio, our healthy balance sheet and agile mindset put us in a strong position to capture growth opportunities towards accelerated recovery,” he added.

Supported by increased mobility and customer activity, Robinsons Malls recorded revenues of P2.25 billion in the fourth quarter of 2021 to grow by 24 percent from the previous quarter and 22 percent from the same quarter in 2020.

For full year 2021, revenues closed at P8.25 billion with EBITDA of P3.86 billion. RLC is optimistic that mall operating fundamentals will continue to rebound on the back of wide-spread vaccinations and pent-up demand.

Meanwhile, Robinsons Offices sustained the upward trajectory of its topline results, posting a 9 percent increase versus a year ago to P6.49 billion.

Robinsons Offices completed three prime office developments which boosted the Company’s portfolio to 688,000 sqm in net leasable area.

Robinsons Hotels and Resorts achieved a quarter-on-quarter revenue growth of 16 percent with the re-opening of Dusit Thani Mactan Cebu in November.

Mainly catering to the essential business sectors and the demand for quarantine facilities, the hospitality business surpassed 2020 revenues by 11 percent, while EBITDA jumped 60 percent due to increased operational efficiencies.

Revenues from Robinsons Logistics and Industrial Facilities (RLX) soared by 50 percent to P354 million while Integrated Developments revenues reached P2.97 billion with EBITDA and EBIT at P1.55 billion and P1.54 billion respectively.

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RLC enhanced the value of its land bank in Bridgetowne East following sales to Shang Robinsons Properties, Inc. (SRPI) and RHK Land Corporation (RHK). SRPI and RHK acquired from RLC a total of over 2.6 hectares of land inside the 31-hectare master-planned Bridgetowne Destination Estate.

Sales reservations grew 48 percent to P10.81 billion versus the same period last year while realized revenues amounted to P6.34 billion, as EBITDA and EBIT registered at P2.27 billion and P2.14 billion, respectively.

In 2021, RLC realized revenues of P10.94 billion from its Chengdu Ban Bian Jie project following the handover of Phase 1. EBITDA and EBIT closed at P1.04 billion each.

Total project is already 95 percent sold out, as Phase 2 reached 97 percent completion. Furthermore, RLC has recovered 89 percent of its invested capital with the repatriation of $200 million.

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

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