RLC extends buyback program

MANILA, Philippines — Robinsons Land Corp. (RLC), the property developer of the Gokongwei Group, has extended its share buyback program.

Its board of directors approved to buy more shares of the company amounting to P3 billion. This will bring RLC’s total buyback program to P9 billion.

In November 2021, RLC approved a P3 billion buy-back program and extended this for another P3 billion in November 2022.

From Nov. 4, 2021 to March 19, 2023, RLC bought back 238.1 million common amounting to P4 billion.

“The objectives of the share buyback program are to enhance the shareholder value and to manifest confidence in the corporation’s value and prospects,” RLC said.

The share buyback program will not involve any active widespread solicitation from the stockholders and will be implemented in the open market through the trading facilities of the Philippine Stock Exchange.

RLC reported a net income of P9.75 billion last year, up 21 percent from 2021 and 12 percent higher than 2019.

This was on the back of consolidated revenues of P45.51 billion, 25 percent higher than the previous year.

RLC president and CEO Frederick Go said the company achieved record profitability last year because of the reopening of the economy and robust consumer spending.

“As we move forward, we remain steadfast in our commitment to serve our customers better and create sustainable value for stakeholders,” Go said.

RLC spent P25.86 billion in capital expenditures for the development of malls, offices, hotels and warehouse facilities, acquisition of land, and construction of its residential projects for its local operations.

RLC has over 800 hectares of land bank nationwide.

Moving forward, the company will continue to be on the lookout for properties to acquire for the expansion of its various businesses.