Gokongwei-led RLC nets P13.21 billion in 2024

CEBU, Philippines — Gokongwei-led Robinsons Land Corporation (RLC) showcased resilience and strategic growth in 2024, with a 10 percent increase in net attributable income to P13.21 billion.

Consolidated revenues rose 2 percent year-on-year to P42.88 billion, with its investment portfolio contributing 77 percent of revenues, mitigating challenges in the residential segment.

RLC maintained strong profitability, with EBITDA (earnings before interest, taxes, depreciation, and amortization) at P23.32 billion and EBIT at P17.61 billion, holding stable margins of 54 percent and 41 percent.

The investment portfolio drove a 14 percent revenue increase to P32.83 billion, led by malls, offices, hotels, and logistics. The development portfolio posted P10.06 billion in realized revenues from residential sales, land transactions, and joint ventures.

As of December 31, 2024, RLC had P10.54 billion in cash and cash equivalents, a net gearing ratio of 28 percent, total assets of P261 billion, and shareholders’ equity of P161 billion.

“Our strong performance in 2024 highlights RLC’s resilience and strategic focus on sustainable growth,” said RLC President and CEO Mybelle V. Aragon-GoBio.

“We remain committed to creating sustained value for stakeholders through disciplined execution and innovation,” she added.

RLC’s malls revenues grew 11 percent to P17.96 billion, supported by increased tenant sales and foot traffic. EBITDA surged 14 percent to P10.60 billion, and EBIT rose 22 percent to P7.17 billion. The launch of Opus Mall at Bridgetowne Estate expanded RLC’s portfolio to 55 malls, covering 1.68 million sqm of leasable space.

Office business revenue increased 8 percent to P7.95 billion, with 86 percent occupancy across 32 office buildings. EBITDA reached P6.40 billion, and EBIT stood at P5.26 billion. RLC also expanded its work.able locations to 11, providing 2,601 co-working seats.

Revenues of its hotel arm, jumped 31 percent to P6.00 billion, driven by international partnerships and its flagship 5-star Fili Hotel. EBITDA surged 61 percent to P1.80 billion, while EBIT more than doubled to P985 million. RLC now operates 26 hotels with over 4,000 rooms.

Logistics venture through RLX posted a surge in revenue with 33 percent to P916 million, fueled by demand for industrial and warehouse spaces. EBITDA grew 35 percent to Php856 million, while EBIT rose 38 percent to P671 million. RLX now operates 12 industrial facilities spanning 294,000 sqm.

Residential and Estate Developments posted P1.27 billion in property development revenues, while RLC Residences recorded P20.18 billion in net sales, with P8.78 billion in realized revenues. EBITDA and EBIT stood at P2.92 billion and P2.80 billion, respectively.

RLC ended 2024 with P10.54 billion in cash and invested P21.98 billion in capital expenditures while reducing debt to P53.20 billion.

The company raised P10.18 billion through RL Commercial REIT Inc. (RCR) share placements, the largest by a Philippine REIT.

In September, RLC transferred 13 assets worth Php33.92 billion to RCR, expanding its gross leasable space to 828,000 sqm.

Post-transaction, RLC retains 43 malls, 15 office buildings, and 12 logistics and hospitality assets, totaling over 2 million sqm of leasable space. The company remains focused on enhancing financial performance and delivering long-term stakeholder value.