Robinsons Land Corporation Reported P10.01 Billion Profit in 9M24

Robinsons Land Corporation (RLC) achieved a P10.01 billion profit in the first nine months of CY2024 driven by strong performance across its Investment Properties. Net income attributable to parent rose by 13% year-on-year. Third-quarter net income was P2.76 billion, Consolidated revenues for the first nine months also increased by 4% to P31.42 billion compared to the same period last year.

Both consolidated EBITDA and EBIT posted substantial year-on-year growth, rising by 7% to P17.79 billion and P13.56 billion, respectively. EBITDA margin improved to 57%, up from 55% in the same period last year.

RLC’s investment portfolio achieved impressive double-digit topline growth in the first nine months of 2024. Composed of the malls, offices, hotels and warehouse segments, revenues jumped 14% versus same period last year to P24.05 billion, contributing 77% of consolidated revenues.

Its development portfolio recorded P7.37 billion in realized revenues for the same period, driven by revenue recognition from residential division, deferred land sales recognition and earnings from equity shares in joint venture projects.

As of 30 September 2024, RLC has maintained financial stability, with cash and cash equivalents totaling P7.40 billion and a net gearing ratio of 31.76%. Our total assets remained steady at P252 billion, while Shareholders' Equity closed at P157 billion, and book value to P29.80 per share.

"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.

Robinsons Malls achieved a 12% increase in revenues in the first nine months of the year, reaching P13.16 billion, driven by strong rental income, higher occupancy from new malls, rental escalations in fixed rent and increase in tenant sales propelled by heightened consumer spending. EBITDA grew by 13% to P7.90 billion, while EBIT saw a 20% year-on-year increase to P5.35 billion. Rental revenues also rose by 13%, amounting to P9.35 billion. In July, we opened Opus Mall at our Bridgetowne Estate, marking our entry into the upscale market and bringing our mall portfolio to 55 lifestyle centers. Total mall leasable space now stands at 1.68 million square meters, featuring over 8,500 retailers.

Robinsons Offices improved topline result with a 7% rise in revenues to P5.92 billion in the first nine months of 2024. This better performance is primarily driven by the rental growth in majority of its high-quality office developments and with occupancy rate maintained at 86% during the period. Meanwhile, EBITDA and EBIT registered P4.78 billion and P3.93 billion, respectively.

Robinsons Hotels and Resorts (RHR) continues its upward trajectory with robust growth across all brands, driven by international brands and the Fili Hotel, along with a robust contribution from food and beverage, which accounted for 36% of total revenues in the first nine months of the year. RHR revenues surged by 33% to P4.32 billion compared to the same period last year. Additionally, both EBITDA soared by 62% to P1.28 billion and EBIT ballooned by 129% to P685 million. The company’s portfolio includes 26 hotel facilities with over 4,000 room keys.

Robinsons Logistics and Industrial Facilities (RLX) saw a 36% increase in year on year revenues, reaching P649 million. EBITDA rose 34% to P596 million, while EBIT jumped 39% to P465 million. Recently completed was RLX Sierra 2 located in our Sierra Valley Estate. RLX's expanding portfolio consists of ten (10) industrial facilities strategically located around Metro Manila including Sucat, Muntinlupa, Sierra Valley in Cainta, San Fernando, and Mexico in Pampanga, as well as in Calamba, Laguna - providing a total of 244,000 sqm of gross leasable space.

Meanwhile Robinsons Destination Estate (RDE) recorded property development revenues of P867 million for the first nine months of the year from the deferred sale of parcels of land to joint venture entities. EBITDA and EBIT reached at P516 million and P513 million, respectively.

The residential division, RLC Residences, recorded P3.13 billion in net sales for the first nine months of the year.

During the third quarter, RLC Residences launched three projects: Mira Tower 2 in Cubao, Quezon City, offering 538 units with a sales value of P4.40 billion; Le Pont Tower 2 in Bridgetowne Estate, featuring 644 units and a total saleable value of P13.30 billion; and Sierra Valley Garden Tower 5 in Sierra Valley Destination Estates, providing 502 units with a sales value of P3.30 billion.

The residential division generated P6.46 billion in realized revenues, which includes P2.00 billion from our equity share in joint venture projects for the period ended September 2024. EBITDA and EBIT were recorded at P2.69 billion and P2.6 billion, respectively.

Meanwhile, net sales from joint venture projects registered at P10.65 billion.

During the first nine months of the year, RLC invested P17.83 billion in capital expenditures and currently holds a landbank of 838 hectares, sufficient for over 10 years of development.

​On 24 September 2024, RLC received approximately 4.98 billion RCR shares in exchange for 13 RLC assets—comprising 11 malls and 2 office facilities valued at Php33.92 billion. These assets were valued by an independent third-party property valuer. This marked the single largest multi-asset infusion by a Philippine REIT Company by far. RCR now holds a total of 828 thousand square meters of gross leasable space, composed of 17 office assets with 539 thousand square meters of leasable space and 12 mall assets with 289 thousand square meters of leasable space.