ROBINSONS Land Corp. (RLC) reported a 62% jump in its consolidated net income to P8.5 billion in an “eventful” 2021 that allowed it to corner opportunities as the economy started to reopen.
Consolidated revenues last year grew 30% to P36.54 billion.
“As the economy approaches full reopening, the diversity of our portfolio, our healthy balance sheet and agile mindset put us in a strong position to capture growth opportunities towards accelerated recovery,” said RLC President and Chief Executive Officer Frederick D. Go in a press release on Wednesday.
He described 2021 “was an eventful year for RLC” during which it ”pushed boundaries to create value for our stakeholders and continued to invest in our long-term sustainability.”
Net income attributable to parent firm shareholders reached P8.06 billion last year, the company said without disclosing a comparative figure. But it said the amount translated to earnings per share of P1.55, exceeding the P1.01 of the earlier year.
In the fourth quarter alone, net income more than doubled to P2.06 billion quarter on quarter due to eased lockdown restrictions. Total revenues for the quarter grew 15% to P5.66 billion in the earlier quarter.
Of RLC’s businesses, Robinsons Malls recorded revenues of P8.25 billion in 2021, with earnings before interest, taxes, depreciation, and amortization (EBITDA) at P3.86 billion. In the fourth quarter, revenues grew 22% to P2.25 billion.
“RLC is optimistic that mall operating fundamentals will continue to rebound on the back of wide-spread vaccinations and pent-up demand,” the company said.
In 2021, Robinsons Malls opened Robinsons Place La Union, its 53rd lifestyle center, expanded Robinsons Dumaguete, and reopened the second phase of Robinsons Place Tacloban.
Meanwhile, Robinsons Offices sustained the upward trajectory of its topline results, posting a 9% increase to P6.49 billion.
“The stable growth in revenues is primarily driven by the strength of its portfolio, which consists of quality assets in strategic locations with a wide geographic dispersion and strong clientele base. EBITDA and EBIT improved by 11% and 13% year on year to end at P5.66 billion and P4.73 billion, respectively,” RLC said.
Robinsons Offices completed Cyber Omega in Pasig City and Bridgetowne Campus One in RLC’s Bridgetowne Destination Estate and Cybergate Iloilo, boosting the company’s portfolio to 688,000 square meters (sq.m.) in net leasable area.
Its hospitality business, which mainly caters to essential business sectors and quarantine facilities, surpassed 2020 revenues by 11%, while EBITDA jumped 60% due to increased operational efficiencies. In November, Robinsons Hotels and Resorts re-opened Dusit Thani Mactan Cebu.
Revenues from Robinsons Logistics and Industrial Facilities (RLX) increased by 50% to P354 million. RLX currently has industrial facilities located in Sucat, Muntinlupa, Sierra Valley in Cainta, San Fernando and Mexico in Pampanga, and Calamba, Laguna.
In the second half of the year, capital expenditures increased, with RLC spending P24.82 billion, driven by its investments in malls, offices, hotels, industrial facilities, destination estates, and residential projects.
In 2021, RLC listed its real estate investment trust, RL Commercial REIT, Inc. (RCR) in the Philippine Stock Exchange.
At the stock exchange on Wednesday, RLC shares surged 3.47% or 66 centavos to P19.66 each. — Luisa Maria Jacinta C. Jocson