Robinsons Land reports P10 billion profit in 3 quarters

Robinsons Land Corp. (RLC) reported a 13% year-over-year increase in its nine-month net profit to P10 billion , driven by strong performance in its mall, office, and hotel businesses.

In a disclosure to the Philippine Stock Exchange on Thursday, RLC said its consolidated revenues for the nine-month period rose 4% to P31.42 billion compared to the same period last year.

The company’s investment portfolio, which includes malls, offices, hotels, and warehouses, delivered a 14% growth in revenues to 24.05 billion pesos. Its development portfolio, which includes residential business, recorded P7.37 billion in realized revenues during the same period.

“Our earnings for the first nine months have demonstrated agility, with continued positive growth in our bottom line. This performance is a testament to the strength and diversity of our business within RLC. We remain optimistic about our overall growth prospects, as our business segments are resilient and sustainable,” said RLC Chairman, President, and CEO Lance Gokongwei.

The mall business saw a 12% increase in revenues in the three quarters of 2024 to P13.16 billion, driven by strong rental income, higher occupancy from new malls, rental escalations in fixed rent, and an increase in tenant sales.

Office leasing improved topline results with a 7% increase in revenues to P5.92 billion on the back of rental growth and higher occupancy rates.

Hotels and resorts (RHR) sustained their upward trajectory, posting a 33% growth in revenues to P4.32 billion on robust growth across all brands. The company has 26 hotel facilities with over 4,000 rooms.

Meanwhile, the group’s logistics and industrial facilities saw a 36% increase in revenues to P649 million .

The residential division booked P3.13 billion in net sales in the first nine months of the year.

RLC spent P17.83 billion in capital expenditures in the first nine months and holds a land bank of 838 hectares, sufficient for over 10 years of development.