Robinsons Land Reports 10% Growth to P13.21B in Net Income Attributable to Parent for CY2024

Robinsons Land Corporation delivered a stable financial performance in CY2024, with 10% growth in net attributable income to parent of P13.21 billion. While revenues rose by 2% year-on-year to P42.88 billion. The company’s investment portfolio continues to provide strong growth contributing to 77% of revenues while it navigated challenges in its residential segment to sustain its increasing profitability. 

Consolidated EBITDA and EBIT grew to P23.32 billion and P17.61 billion, respectively, with margins holding at 54% and 41%.

The investment portfolio remained a key growth driver, with revenues increasing 14% to P32.83 billion, led by malls, followed by offices, hotels, and logistics. Meanwhile, the development portfolio recorded P10.06 billion in realized revenues, supported by residential revenue recognition, deferred land sales, and contributions from joint ventures.

As of 31 December 2024, RLC maintained a solid financial position, with cash and cash equivalents at P10.54 billion and a net gearing ratio of 28%. Total assets stood at P261 billion, while Shareholders' Equity reached P161 billion, translating to a book value of P31.76 per share. 

"Our strong performance in 2024 reflects Robinsons Land’s resilience and strategic focus on sustainable growth. Despite headwinds, we remained agile, leveraging our diverse portfolio and strong balance sheet to drive profitability. Our investment portfolio continues to be a key growth driver, while we take a more disciplined and strategic approach to our development portfolio, ensuring efficient capital allocation and maximization of returns. As we move forward, we remain committed to creating sustained value for our stakeholders through disciplined execution and innovation." said RLC President, and CEO, Mybelle V. Aragon-GoBio.

Robinsons Malls generated P17.96 billion in revenues for CY2024, marking an 11% year-on year increase. This was supported by higher tenant sales, increased foot traffic, and continuous improvements in mall offerings. Rental revenues grew 10% YoY to P12.58 billion. EBITDA increased 14% YoY to P10.60 billion, while EBIT posted a 22% growth to P7.17 billion, reflecting the sustained strength of the mall segment. Driven by a high revenue base and operational efficiencies, mall EBITDA and EBIT margins for the full year 2024 are at 59% and 40%, respectively. 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 8,700 retailers. 

RLC’s office segment posted an 8% increase in revenues to P7.95 billion in CY2024, supported by rental growth across its high-quality office developments. In the fourth quarter alone, revenues rose 11% YoY to P2.03 billion. Occupancy remained stable at 86%, underscoring the resilience of RLC’s office portfolio. EBITDA reached P6.40 billion, while EBIT came in at P5.26 billion, highlighting the segment’s robust contribution to overall performance. RLC currently operates 32 office buildings with a total gross leasable area of 793,000 square meters. Separately, with the addition of Robinsons Summit Center 1 & 2 in Makati, the company now have 11 work.able locations, offering a total of 2,601 co-working seats.

Robinsons Hotels and Resorts (RHR) maintained its growth momentum in 2024, with revenues rising 31% YoY to P6.00 billion. This was driven by strong performance across all brands, particularly international partnerships and Fili Hotel, our own Filipino branded 5-star hotel coupled with strong F&B which contributed 38% of total revenues. EBITDA grew 61% to P1.80 billion, while EBIT more than doubled, reaching P985 million. RHR’s expanding portfolio, now consists of 26 hotel properties with over 4,000 room keys, reinforces its position as a key player in the hospitality sector.

Robinsons Logistics and Industrial Facilities (RLX) recorded a 33% increase in revenues to P916 million in 2024, supported by sustained demand for industrial and warehouse spaces. EBITDA grew 35% to P856 million, while EBIT rose 38% to P671 million. Despite its elevated base, its profitability continues to flourish. During the year, RLX expanded its portfolio with the completion of three new warehouses—RLX Sierra 2 in Sierra Valley Estate, RLX Calamba 2 C&D, and RLX San Fernando 2. RLX now operates 12 industrial facilities across key locations in Metro Manila, Pampanga, and Laguna, offering 294,000 sqm of gross leasable space to support the growing needs of businesses. 

Meanwhile Robinsons Destination Estate (RDE) recorded property development revenues of P1.27 billion for the full year from the deferred sale of parcels of land to joint venture entities. EBITDA and EBIT reached at P728 million and P724 million, respectively. 

RLC Residences generated P20.18 billion of net sales of which P7.29 billion in net sales for 2024 was attributed to its organic projects and P12.89 billion from its joint ventures.

Realized revenues for the year reached P8.78 billion, including P2.63 billion from equity share in joint venture projects. EBITDA and EBIT stood at P2.92 billion and P2.80 billion, respectively. 

In 2024, RLC has a total Cash and Cash Equivalents of P10.54 billion, invested P21.98 billion in capital expenditures and decreased its debt from P53.90 billion to P53.20 billion. The company received a total of P10.18 billion worth of proceeds from its 2 tranches of successful placements of its RCR shares. This includes raising P8.30 billion in its initial tranche, the single biggest placement by far for a Philippine REIT Company. This enabled it to crystallize the value of its existing assets. In compliance with the REIT IRR, the proceeds of its placement were reinvested back to the development of its real estate projects. 

Last 24 September 2024, RLC received approximately 4.99 billion RCR shares in exchange for 13 RLC assets—comprising 11 malls and 2 office facilities valued at P33.92 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.  

With the infusion of RLC parent assets to RCR, RLC parent still has 43 malls, 15 offices, 12 logistics and hotels equivalent to over 2 million sqm of Gross Leasable Area in its investment portfolio. 

Robinsons Land Corporation continues to adapt and thrive in dynamic market conditions, positioning itself as a leader in the real estate industry in the Philippines.

​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. The company is committed to providing quality and innovative real estate solutions to its customers and stakeholders.