Gokongwei-led Robinsons Land Corp. (RLC) chalked up P8.1 billion in attributable net profit last year, rising by 54 percent from the previous year, exceeding market expectations and moving closer to prepandemic levels.
RLC’s attributable net profit last year stood 6.3-percent better than the P7.62 billion in net profit that the market was expecting it to deliver. The 2021 profit performance already accounted for 93 percent of earnings recorded in 2019, the last year before the COVID-19 pandemic erupted.
With the easing of lockdown restrictions in the fourth quarter, net income soared by 108 percent year-on-year to P2.06 billion. Sequentially, it increased by 15 percent from the third quarter level.
For the full year, the property developer’s earnings per share (EPS) of P1.55 exceeded the P1.01 EPS in 2020. Likewise, consolidated revenues grew by 30 percent to reach P36.54 billion.
RLC’s revenues last year were buoyed by some P10.94 billion in revenues contributed by its Chengdu Ban Bian Jie project in mainland China, following the handover of phase 1.
RLC has now recovered 89 percent of its investment in the project.
Frederick Go, RLC president, said in a press statement on Wednesday: “2021 was an eventful year for RLC. We pushed boundaries to create value for our stakeholders and continued to invest in our long-term sustainability. 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.”
Supported by increased mobility and customer activity, RLC’s mall business recorded revenues of P8.25 billion and cash flow of P3.86 billion.
For the fourth quarter alone, the mall business generated P2.25 billion in revenues, rising by 22 percent year-on-year and 24 percent quarter-on-quarter.
The office business sustained the upward trajectory of revenues, growing by 9 percent to P6.49 billion last year.
From its residential developments, realized revenues amounted to P6.34 billion last year. As an indicator of future revenue recognition, sales reservations grew by 48 percent to P10.81 billion last year.