Robinsons Land net income up 23% in H1 to P5.78 billion

Gokongwei-led Robinsons Land Corporation saw a double-digit increase in its bottom line in the first six months of 2023.

In a disclosure to the Philippine Stock Exchange on Thursday, Robinsons Land reported a net income of P5.78 billion during the January to June period, up 23% year-on-year.

Consolidated revenues, meanwhile, stood at P19.63 billion.

In the first six months of the year, Robinsons Malls’ revenues increased by 36% to P7.76 billion on the back of improved occupancy rates and higher consumer spending.

Total mall leasable space currently stands at 1.6 million square meters with over 8,000 retailers.

Robinsons Hotels and Resorts (RHR) also grew revenues by 148% to Php2 billion in the first half of 2023, propelled by higher occupancy and room rates.

Robinsons Offices and Robinsons Logistics and Industrial Facilities (RLX), meanwhile, contributed stable topline growths of 4% and 9%, respectively.

RLC’s office portfolio consists of 31 office buildings with 741,000 sqm of gross leasable space, located in major central business districts, key cities, and urban areas.

RLX, on the other hand, owns 8 industrial facilities in Sucat, Muntinlupa, Sierra Valley in Cainta, San Fernando and Mexico in Pampanga, and Calamba, Laguna.

On the other hand, RLC Residences and Robinsons Homes, under the company’s property development portfolio, generated P5.39 billion in realized revenues for the first half of 2023.

“The success of our strategic initiatives, supported by improving market conditions, fueled the Company’s strong first-half results. We look forward to the sustained expansion of our businesses and pursuing investments that will allow us to further create value for our stakeholders,” said RLC president and CEO Frederick Go.

In the first six months of 2023, Robinsons Land spent P9.25 billion in capital expenditures primarily for the development of malls, offices, hotels, warehouse facilities, and residential projects for local operations. — Ted Cordero/BM, GMA Integrated News