Robinsons Land Corp., the diversified real estate company of the Gokongwei Group, said Friday net income last year rose 21 percent to P9.75 billion, surpassing pre-pandemic levels on strong sales of residential projects and leasing activities as well as recovery in shopping mall operations.
It said earnings were at an all-time high despite the absence of commercial land sales and the effect of tax adjustment under the CREATE Act.
Consolidated revenues increased 25 percent year-on-year to P45.51 billion.
“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,” Robinsons Land president and chief executive officer Frederick Go said in a statement.
Robinsons Malls saw revenues rise by 58% percent to P13.03 billion as rental income jumped 75 percent after concessions provided to tenants due to COVID-19 were lifted, foot traffic in stores rebounded, and consumer spending during the holiday season improved. It also increased total gross leasable area by 2 percent to 1.6 million square meters, with the opening of Robinsons Place Gapan in the fourth quarter of 2022.
Meanwhile, Robinsons Offices sustained growth through rental escalations and stable occupancy rates. It increased leasable space to 740,000 square meters of with the completion last year of Cybergate Galleria Cebu, Cybergate Iloilo 2 and Cybergate Bacolod 2, and pushed revenues higher by 9 percent to P7.07 billion.
Robinsons Hotels and Resorts pushed revenues 94 percent higher to P2.33 billion as the global economy reopened last year. Despite the pre-operating expenses from new hotel developments, earnings before interest, taxes, depreciation and amortization still increased 13 percent to P279 million.
RLC Residences and Robinsons Homes marked a banner year in 2022, with combined full-year revenues up 44 percent to P9.10 billion. Increased payment collection, timely completion of the residential projects and significant contributions from joint venture projects all contributed to the residential division’s robust growth.
Over in China, the company booked revenues of P12.78 billion from Phase 2 of its Chengdu Ban Bian Jie project, up 17 percent on year. It also received dividends of $25 million as Robinsons Land repatriated its invested capital.
In 2022, the company spent P25.86 billion in for the development of malls, offices, hotels and warehouse facilities, acquisition of land, and construction of its residential projects for its local operations. Robinsons Land has over 800 hectares of land bank nationwide, and continues to look for more.
