Rockwell Land Corp., the real estate unit of the Lopez-led First Philippine Holdings Corp., on Tuesday appointed its current president and CEO Nestor J. Padilla as chairman, replacing Manuel M. Lopez who passed away on January 12.
Padilla had been with Rockwell since 1995, a central figure in every company milestone such as the development of its flagship project, the Rockwell Center in Makati, with the iconic Power Plant Mall.
He led the expansion of the company’s real estate portfolio in key markets in Metro Manila, Central and Southern Luzon and key cities in the Visayas.
“Rockwell Land would not be where it is today without the guidance of the late Ambassador Lopez and Mr. Padilla. As such, it is fitting to have him continue to lead the company to even greater heights,” the company said in a statement.
Rockwell reported net income of P2 billion for the first nine months of 2022, which was 40 percent higher than the previous year’s P1.43 billion.
Revenues rose roughly the same pace at 39 percent to P12.47 billion from an earlier P8.98 billion.
Residential development accounted for 72 percent of total revenues in 2022, lower than last year’s 84 percent.
It residential business generated P8.97 billion. The bulk of revenues came from the sale of condominium units, including accretion from interest income.
Commercial development revenues, meanwhile, amounted to P3.49 billion, more than double the P1.46 billion the year before due to recognition of sale of One Proscenium and a significant improvement in retail segment performance.
The segment contributed 28 percent of total revenues excluding the share in the joint venture with Meralco for the Rockwell Business Center in Ortigas, Pasig City.
Retail operations, which includes retail leasing, interest income and other mall revenues generated P1.36 billion, double the previous year’s P666 million due to improved rental and occupancy rate.
Office operations, which include office leasing, sale of office units and other office revenues, generated P1.96 billion equivalent to 16 percent of total revenues.
Hotel operations, contributed 1 percent of total revenues to P163 million.
