Robinsons Land hits record profit on mall traffic, solid sales
Gokongwei-led property giant Robinsons Land Corp. (RLC) saw robust profit growth in 2022 on the back of strong sales and the postpandemic recovery of shopping malls.
Net income last year hit P9.75 billion, up 21 percent from the previous year and by 12 percent from 2019, the company said in a statement.
Total revenue also jumped 25 percent to P45.5 billion.
“We achieved record profitability in 2022 on the strength of a fully reopened economy and robust consumer spending,” Robinsons Land president Frederick Go said.
The company’s earnings were bolstered by strong real estate sales, leasing and its mall segment.
Robinsons Malls booked revenue of over P13 billion or a growth of 58 percent.
Rental revenues alone were up 74 percent after lease discounts and concessions were removed and foot traffic returned following the easing of most pandemic restrictions.
RLC Residences and Robinsons Homes posted combined realized revenues of P9.1 billion, up 44 percent vis-à-vis 2021.
The office segment saw revenues increase 9 percent to P7 billion.
Other segments of the business likewise reported growth. INQ