MANILA, Philippines – Robinsons Land Corporation (RLC) saw its net income climb 10% in 2024 as it navigated challenges in its residential segment.
The Gokongwei-owned developer booked a bottom line of P13.21 billion, while its revenues grew 2% year-on-year to P42.88 billion, owing to its investment portfolio.
Robinsons Malls led the RLC’s growth last year with its 11% growth in revenues. RLC cited higher tenant sales, increased foot traffic, and continuous improvements in its mall offerings.
“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,” RLC said in a disclosure to the Philippine Stock Exchange.
The Gokongweis’ hotels segment also saw its top line jump 31% to P6 billion due to strong performance, particularly through its international partnerships and its branded five-star hotel Fili Hotel.
Robinsons Logistics and Industrial Facilities recorded a 33% surge in revenues amid a growing demand for industrial and warehouse spaces, with its earnings before income tax, depreciation, and amortization (EBITDA) climbing 35% to P856 million. The company completed three new warehouses that year: RLX Sierra 2 in Sierra Valley Estate, RLX Calamba 2 C&D, and RLX San Fernando 2.
For RLC’s president and chief executive officer Mybelle Aragon-GoBio, their 2024 performance reflected the company’s resilience and strategic focus on sustainable growth.
“Despite headwinds, we remained agile, leveraging our diverse portfolio and strong balance sheet to drive profitability,” she said.
“As we move forward, we remain committed to creating sustained value for our stakeholders through disciplined execution and innovation,” she added.
Ayala Land eyes FTI property
As for Ayala Land, Incorporated, it confirmed making inquiries to the Department of Finance (DOF) regarding the remaining 24 hectares of the Food Terminal Incorporated (FTI) property in Taguig City.
In a disclosure to the local bourse on Friday, March 7, Ayala Land clarified that the inquiry was merely exploratory in nature.
“We wish to clarify that this was an exploratory discussion with no firm agreements or commitments,” the developer wrote.
Ayala Land’s statement comes following reports of their plans to acquire the remaining property for P58 billion as the DOF ramps up its asset disposal endeavors.
Ayala Land also purchased a 74-hectare parcel of the property in a 2012 auction, besting RLC and Andrew Tan’s Empire East. The property was then developed into today’s Arca South estate. (READ: Ayala Land sells parts of FTI) – Rappler.com