SOURCE: Robinsons Land Corporation (RLC)
Robinsons Land Corporation (RLC), the shining star of the Philippines' real estate sector, has touched a new pinnacle in CY2023. The firm achieved an all-time high net income of Php12.06 Bn, a staggering 24% YoY increase. The fourth quarter also marked a 7% YoY upswing in NIAT, scaling to Php3.22 Bn. When we sideline China's impact in 2022, the CY2023 NIAT showcases an impressive 45% YoY leap, an undeniable indicator of RLC's formidable growth trajectory.
RLC's CY2023 was a testament to the company's robust financial health. The residential net sales skyrocketed, marking a historic 26% YoY increase and touching Php21.33 Bn. Furthermore, joint venture project sales sprinted ahead by 117% YoY, amassing a significant Php19.47 Bn. A remarkable feat was the record-breaking EBITDA and EBIT margins, which touched 54% and 41% respectively, cementing RLC's position as a financial powerhouse.
The investment portfolio was a significant contributor to RLC's revenues, accounting for 69% of the total and amounting to Php28.82 billion. It also contributed 76% of EBITDA (Php17.42 billion) and 70% of consolidated operating income. This growth was primarily fueled by the performance of the mall, hotels, RLX, and office businesses.
Robinsons Malls marked a significant increase in revenues, fueled by consumer spending and retail sales. Year-on-year, revenues surged by 24% to Php16.21 billion, with EBITDA rising by 41% to Php9.28 billion and EBIT jumping by 94% to Php5.85 billion.
The resurgence in tourism and hospitality catapulted Robinsons Hotels and Resorts (RHR) to new heights. RHR nearly doubled its revenue, reaching a record-breaking Php4.56 billion. All brand segments, along with the food and beverage component and MICE business, contributed to this growth.
Robinsons Offices demonstrated stable topline results, achieving a 4% growth from the previous year, totaling Php7.36 billion in 2023. This growth was mainly due to the complete utilization of offices completed in 2022.
Robinsons Logistics and Industrial Facilities (RLX) registered a robust topline growth of 24% year-on-year, totaling Php687 million in 2023. RLX owns nine industrial facilities strategically located in Sucat, Muntinlupa, Sierra Valley in Cainta, San Fernando, Mexico in Pampanga, and Calamba, Laguna.
Robinsons Destination Estates (RDE) recognized revenues of Php1.16 billion from a portion of deferred gain on the sale of land to joint venture entities. RDE oversees RLC's three prime destination estates, including Bridgetowne, Sierra Valley, and Montclair.
New project launches significantly boosted the combined net sales take-up of RLC Residences and Robinsons Homes. Realized revenues expanded by 32% to Php12.01 billion, supported by higher collections from buyers reaching the equity threshold, faster construction progress, and strong equity earnings contribution from joint venture projects.
RLC's exceptional performance in 2023 was recognized with a collection of prestigious accolades. These include the esteemed Property Guru Best Developer 2023, RLC's Bridgetowne crowned as the Best Mixed-Use Development of the Decade by CREBA, and the distinct honor of being recognized as the Best Employers in Real Estate for 2024 by Statista.
RLC's impressive financial performance in CY2023 paints a picture of a company on a relentless growth trajectory. With its strategic initiatives, commitment to quality, and unwavering dedication to stakeholder value, RLC is poised to scale new heights in the years to come.
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