Robinsons Land Corp., the real estate arm of the Gokongwei Group, will distribute to shareholders a record high P3.15 billion, or P0.65 per share, cash dividend, a move that returns a significant amount of capital to investors on the back of strong earnings.
Shareholders on record May 31 are entitled to the cash dividend, which will be paid on June 21.
Robinsons Land reported a 53 percent year-on-year growth in first quarter net profit P4.07 billion, helped by steady expansion of its various real estate businesses and a one-off gain from the reclassification of investment in digital banking venture GoTyme. Net of extraordinary items, first-quarter net profit still rose 21 percent to P3.34 billion.
Consolidated revenue during the quarter was 19 percent higher to P11.03 billion, with shopping malls and hotels accounting for 72 percent, or P7.90 billion, up 17 percent from last year. Robinsons Land said its property portfolio added P3.90 billion, up 25 percent from the first quarter of 2022.
Robinsons Land spent P3.75 billion in the first quarter for the development of more shopping malls, hotels, offices and warehouse, land acquisition, and development of residential projects.
The company has a landbank of around 800 hectares for future development.
“Our remarkable first-quarter results following a record-breaking year is a testament to the successful execution of our strategic initiatives. Bolstered by our robust fundamentals and strong balance sheet, we remain steadfast in our pursuit toward sustained growth and innovative strategies,” said Lance Gokongwei, president and chief executive officer of Robinsons Land.
