Gokongwei-led Robinsons Land Corp. (RLC) is upbeat about its growth prospects this year as it accelerates expansion plans amid a resurgent property market.
RLC president Frederick Go said the company’s net income for the first quarter reached P1.74 billion, already 94 percent above the pre-pandemic year of 2019.
Revenues grew by 19 percent to P4.92 billion, driven by the robust performance of the company’s mall and office businesses as the country transitioned to the lowest Covid-19 alert level.
Revenues from the property development portfolio reached P1.77 billion, 86 percent lower than the year ago due to the P10.45 billion revenues generated from its Chengdu Ban Bian Jie project in China last year.
RLC, which has over 800 hectares of land bank across the country, had a cash balance of P10 billion as of the end of March
“Our strong fundamentals and solid balance sheet will boost recovery momentum, driving us closer to pre-pandemic performance. We will push to capitalize on opportunities to accelerate growth and deliver long-term sustainable value,” said Go.
The office segment delivered healthy results, with its topline growing 12 percent to P1.77 billion.
With the easing of travel restrictions and the re-opening of the country’s tourist destinations, Robinsons Hotels and Resorts (RHR) exceeded 2021 revenues by 30% to P335 million.
Robinsons Logistics and Industrial Facilities, meanwhile, continued to capture demand for industrial spaces as it more than doubled its leasing revenues to P135 million in the first quarter. It owns seven ndustrial facilities located in Sucat, Muntinlupa, Sierra Valley in Cainta, San Fernando and Mexico in Pampanga, and Calamba, Laguna with a total gross leasable space of 167,000 sqm.
Revenues from housing segment jumped 166 percent P1.41 billion with the launch of three new projects Woodsville Crest Pine, Sierra Valley Garden Building Three and AmiSa Private Residences Tower.