Non-residential units drive RLC's profit growth

Robinsons Land Corporation, the property development arm of the Gokongwei Group, reported  10 percent growth in net attributable income to ₱13.21 billion last year from the ₱12.06 billion earned in 2023 on the strength of its investment portfolio.

In a disclosure to the Philippine Stock Exchange, the firm said its revenues rose by two percent year-on-year to ₱42.88 billion from ₱42.02 billion in 2023. 

Robinsons Land Corp. President and CEO Mybelle V. Aragon-GoBio

"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." said RLC President and CEO Mybelle V. Aragon-GoBio. 

She noted that, “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.

RLC said its investment portfolio continues to provide strong growth, contributing to 77 percent of revenues while the company navigated challenges in its residential segment, to sustain its increasing profitability.

Consolidated earnings before interest, taxes, depreciation, and amortization (EBITDA) and EBIT grew to ₱23.32 billion and ₱17.61 billion (from P22.82 billion and P17.34 billion), respectively, with margins holding at 54 percent and 41 percent.

The investment portfolio remained a key growth driver, with revenues increasing 14 percent to ₱32.83 billion from ₱28.82 billion in the previous year, led by malls, followed by offices, hotels, and logistics.

Meanwhile, the development portfolio recorded a drop from ₱13.2 billion to ₱10.06 billion in realized revenues, supported by residential revenue recognition, deferred land sales, and contributions from joint ventures.

Robinsons Malls generated ₱17.96 billion in revenues for 2024, marking an 11 percent year-on-year increase. This was supported by higher tenant sales, increased foot traffic, and continuous improvements in mall offerings. 

Rental revenues grew 10 percent YoY to ₱12.58 billion. EBITDA increased 14 percent YoY to ₱10.60 billion, while EBIT posted a 22 percent growth to ₱7.17 billion, reflecting the sustained strength of the mall segment. 

RLC’s office segment posted an eight percent increase in revenues to ₱7.95 billion in 2024, supported by rental growth across its high-quality office developments. 

EBITDA reached ₱6.40 billion, while EBIT came in at ₱5.26 billion, highlighting the segment’s robust contribution to overall performance. 

Robinsons Hotels and Resorts (RHR) maintained its growth momentum in 2024, with revenues rising 31 percent YoY to ₱6.0 billion. This was driven by strong performance across all brands coupled with strong foor and beverage which contributed 38 percent of total revenues. 

EBITDA grew 61 percent to ₱1.80 billion, while EBIT more than doubled, reaching ₱985 million. RHR’s expanding portfolio, now consists of 26 hotel properties with over 4,000 room keys.

Robinsons Logistics and Industrial Facilities (RLX) recorded a 33 percent increase in revenues to ₱916 million in 2024, supported by sustained demand for industrial and warehouse spaces.

EBITDA grew 35 percent to ₱856 million, while EBIT rose 38 percent to ₱671 million. Despite its elevated base, its profitability continues to flourish as RLX expanded its portfolio with the completion of three new warehouses last year.

Meanwhile Robinsons Destination Estate (RDE) recorded property development revenues of ₱1.27 billion for the full year from the deferred sale of parcels of land to joint venture entities. EBITDA and EBIT reached at ₱728 million and ₱724 million, respectively.

RLC Residences generated ₱20.18 billion of net sales of which ₱7.29 billion in net sales for 2024 was attributed to its organic projects and ₱12.89 billion from its joint ventures.

Realized revenues for the year reached ₱8.78 billion, including ₱2.63 billion from equity share in joint venture projects. EBITDA and EBIT stood at ₱2.92 billion and ₱2.80 billion, respectively.

In a separate disclosure, RLC said Robina Gokongwei-Pe has been elected to the company’s board of directors effective March 7, 2025.