Robinsons Land Corporation Reported a PHP 12.06 Billion Consolidated Net Income in 2023, Up 24%

Robinsons Land Corporation (RLC), one of the Philippines' largest diversified real estate companies, reported strong financial results in the fourth quarter of 2023, with a 7% year-on-year increase in net income attributable to the parent, reaching Php3.22 billion despite an elevated base.

The full-year 2023 results showed outstanding development, with a 24% increase in net income attributable to the parent, totaling Php12.06 billion, driven mostly by the success of its malls, hotels, and joint ventures. Excluding the impact of the previous year's China profit, the parent's net income would have increased by an amazing 45% year over year.

"We are delighted with the outstanding performance demonstrated across our real estate businesses which propelled us to reach record breaking heights. These achievements underscore our steadfast dedication to delivering excellence through timely execution, strategic initiatives, and an unwavering commitment to delivering quality and value to all our stakeholders," said Lance Y. Gokongwei - Chairman, President and CEO of Robinsons Land Corporation.
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In 2023, RLC reported consolidated revenues of Php42.02 billion, an 8% decline from the previous year. The high base last year was due to the significant revenue contribution from China's Ban Bian Jie development project. Excluding China's revenues from last year, consolidated revenues would have increased by 28% year over year. Despite the high base in 2022, CY2023 EBITDA and EBIT reached Php22.82 billion and Php17.34 billion, up 18% and 23%, respectively. This achievement was driven by higher revenues and improved operational efficiencies, resulting in exceptional operating margins of 54% for EBITDA and 41% for EBIT. 
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The investment portfolio accounted for 69% of RLC's revenue, totaling Php28.82 billion, 76% of EBITDA (Php17.42 billion), and 70% of consolidated operating income. Malls, hotels, RLX, and office businesses accounted for the majority of this growth. RLC's development portfolio accounted for the remainder of revenues and EBITDA of Php13.20 billion and Php5.40 billion, respectively.

RLC's financial situation is robust, with total assets of Php236 billion and shareholders' equity of Php142 billion, representing a 6% and 5% increase from December 31, 2022. As of December 2023, RLC's net gearing ratio was 36%. 
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In 2023, RLC gathered a slew of renowned awards that serve as a ringing witness to the company's remarkable achievement. Notable among these honors are the prestigious Property Guru Best Developer 2023, CREBA's Best Mixed-Use Development of the Decade, and Statista's recognition as the Best Employers in Real Estate for 2024, as reported in the Inquirer. RLC has also won the prestigious ACGS One Golden Arrow Award for 2023, demonstrating its industry leadership. Furthermore, Robinsons Mall has been named Sustainability Company of the Year Grand Winner at the Asia CEO Awards in 2023, demonstrating RLC's dedication to sustainability and corporate success.
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​Robinsons Land Corporation (RLC) is one of the Philippines' leading real estate developers and is a subsidiary of JG Summit Holdings, Inc. RLC's diverse portfolio includes residential, commercial, and mixed-use developments, as well as hotels, offices, and industrial facilities.