Key highlights: 

  • Solid growth performance across all business units in the 1Q 2024; Net income attributable to parent of Php4.07 Bn; excluding one-time gain - NIAT still up by 21%YoY to Php3.34 Bn 

  • 1Q24 consolidated EBITDA hits an all-time high of Php6.15 Bn, marking the highest quarterly figure in our history   

  • RLC Board declares cash dividends of Php0.65 per share, underscoring our thrust to distribute proportionate  earnings to our shareholders 

Robinsons Land Corporation (RLC) posted a Php4.07-billion profit in the first quarter driven by solid performances across all business units. Net income attributable to parent soared by 53% year-on-year for the period ended 31 March 2024. Excluding one-time gain on the reclassification of its GoTyme investment, net income to parent reached Php3.34 billion, still up by 21% year-on-year. Consolidated revenues also saw a 19% growth to Php11.03 billion compared to the same period last year. 

RLC’s investment portfolio recorded a strong double-digit topline growth in the first three months of 2024. Led by the malls and hotels businesses, revenues jumped 17% versus same period last year to Php7.90 billion, which accounted for 72% of the consolidated revenues.  

Its property development portfolio, on the other hand, generated Php3.13 billion in realized revenues in the first quarter of 2024. This resulted to a year-on-year growth of 25%, driven by higher revenue recognition from RLC Residences and earnings from equity shares in Joint Venture projects.  

RLC maintained its financial stability with cash and cash equivalents of Php7.67billion, and a net gearing ratio of 34% as of 31 March 2024. Total assets stood at Php242 billion, while Shareholders’ Equity ended at Php145 billion; propelling its book value to PHP28.83 per share. 

"Our remarkable first-quarter results following a record-breaking year is a testament to the successful execution of our strategic initiatives. Bolstered by our robust fundamentals and strong balance sheet, we remain steadfast in our pursuit toward sustained growth and innovative strategies," said RLC Chairman, President and CEO Lance Gokongwei. 


Sustained Growth Momentum 

Higher occupancy from both existing and new malls and sustained consumer spending pushed Robinsons Malls’ revenues up by 14% year-on-year to Php4.45 billion, accounting for 41% of consolidated revenues. EBITDA rose 19% to Php2.73 billion, while EBIT rose by 33% to Php1.91 billion year-on-year. Meanwhile, rental revenues soared by 15% to Php3.19 billion.  

Total mall leasable space currently stands at 1.62 million square meters with over 8,400 retailers and a 93% system-wide occupancy rate. 

Robinsons Offices delivered steady topline result with a 3% increase in revenues to Php1.90 billion in the first quarter of 2024. This stable performance is primarily driven by steady rental growth in majority of its high-quality office developments. EBITDA and EBIT registered Php1.51 billion and Php1.22 billion, respectively. 

The Company’s office portfolio consists of 32 office buildings with 793,000 sqm of gross leasable space with the completion of GBF Center 1 located in our Bridgetowne Estate. Fifteen (15) of its office assets have been infused into RLC’s flagship real estate investment trust, RL Commercial REIT, Inc. (RCR).  

Robinsons Hotels and Resorts (RHR) continues its positive trajectory with tremendous growth realized across all brands despite an elevated base last year. In the first quarter alone, revenues surged by 54% to Php1.35 billion, driven by solid performance across all segments. Additionally, both EBITDA and EBIT experienced significant increases, soaring by 140% and 770% to Php402 million and Php202 million, respectively. 

The Company’s hotel portfolio consists of 26 hotel facilities and 4 franchisees.   

In the first quarter of 2024, Robinsons Logistics and Industrial Facilities (RLX) year-on-year revenues jumped by 40%, reaching Php192 million. EBITDA is at Php174 million, marking a 34% increase, while EBIT accelerated by an impressive 37% to Php134 million. RLX's expanding portfolio now includes ten (10) industrial facilities strategically located in Sucat, Muntinlupa, Sierra Valley in Cainta, San Fernando, and Mexico in Pampanga, as well as Calamba, Laguna.  

The latest addition, RLX Sierra 2, situated within RLC’s premier destination estate, Sierra Valley, offers 17,000 square meters of gross leasable space, further enhancing our capacity to serve our clients. 

Meanwhile Robinsons Destination Estate (RDE) recorded property development revenues of Php252 million for the first three months of the year from the deferred sale of parcels of land to joint venture entities. EBITDA and EBIT reached at Php149 million and Php148 million, respectively. 


Strong Residential Revenues 

The Residential Division registered a 20% year-on-year increase in realized revenues, reaching Php2.84 billion.  Year-on-year EBITDA and EBIT soared by 44% and 45% to Php1.17 billion and Php1.15 billion, respectively.  Earnings from our equity share in joint venture projects reached Php487 million, reflecting a substantial 66% year-on-year growth.  

In order to optimize synergies and maximize cost efficiencies, we have merged the operations of RLC Residences and Robinsons Homes.  These business units have been consolidated under the brand of RLC Residences. 

For the first quarter of 2024, RLC Residences net sales take up is at Php684 million while our joint ventures net sales take up is at Php3.81 billion. 


Driving Shareholder Value 

RLC is dedicated to driving shareholder value by consistently delivering regular cash dividends and returning a significant amount of capital to shareholders.  

The Board of RLC has approved the distribution of over Php3.15 billion in regular cash dividends, equivalent to Php0.65 per outstanding common share. This marks the highest declared cash dividend per share in the company’s history. Record date is on 31 May 2024 and entitled shareholders will receive their dividends on 21 June 2024. 


Investing for the Future 

During the first three months of 2023, RLC allocated Php3.75 billion towards capital expenditures. These investments were directed towards the development of malls, offices, hotels, and warehouse facilities, as well as land acquisitions and the construction of residential projects to bolster its local operations. 

Currently, RLC has over 800 hectares of land bank nationwide. The Company continues to be on the lookout for properties to acquire for the expansion of its various businesses. It remains open to joint venture projects with property owners and developers.