(November 9, 2022) - Robinsons Land Corporation (RLC), a leading diversified real estate company in the Philippines, posted a 130% growth in net income attributable to parent in the third quarter versus the same period last year. Net income after tax reached Php2.05 billion on robust contributions from its investment portfolio, which comprise of the malls, offices, hotels, and industrial facilities.

For the nine-month period ending September 30, 2022, RLC grew consolidated revenues by 16% to Php35.77 billion, driven by increased commercial leasing, accelerated consumption recovery in the malls, and improved sales recognition of domestic residential projects. This was bolstered by the recognition of revenues from Phase 2 of the Chengdu Ban Bian Jie project in China. Net income attributable to parent increased to Php6.74 billion, up 6% versus the same period last year. Earnings per share (EPS) attributable to parent is already at 85% of full-year 2021 earnings.

RLC sustained its strong financial position with total assets of Php221 billion and Shareholders’ Equity of Php133 billion. The Company maintained a net gearing ratio of 0.31x as of September 2022.

“The strong recovery of our investment portfolio fueled the Company’s growth in the first nine months. With the economy inching closer to full reopening, RLC is benefitting from the overall improvement in consumer sentiment going into the holiday season. We are encouraged to keep pursuing our investment strategies to create long-term value for our shareholders,” said RLC President and CEO Frederick D. Go.


Robinsons Malls grew total revenues by 54% to Php9.25 billion to account for 26% of the Company’s consolidated revenues in the first nine months of 2022. Rental revenues jumped 70% following the resurgence of foot traffic in physical stores and the continuous return to normal for business operations nationwide. EBITDA escalated by 67% to Php4.74 billion, while EBIT soared 12 times to Php2.02 billion year-on-year.

In the third quarter alone, total mall revenues surged 95% versus same period last year to Php3.54 billion on account of accelerated growth in rental revenues by 126% to Php2.45 billion, back to its pre-pandemic levels. Compared to the previous quarter, Robinsons Malls recorded a 19% upswing in rental revenues on the back of increased tenant sales and built-in rental escalations.

Meanwhile, Robinsons Offices achieved stable topline results in the first nine months of 2022 with a 12% growth from a year ago to Php5.28 billion. This steady performance is driven by rental escalations and the success of the Company’s leasing activities for new buildings namely, Cybergate Iloilo 1, Cyber Omega in Ortigas Center, and Bridgetowne East Campus One in RLC’s Bridgetowne Destination Estate. EBITDA and EBIT ended at Php4.62 billion and Php3.92 billion, respectively. In the third quarter alone, revenues climbed 10% year-on-year to PHP1.72 billion, while EBITDA increased 9% to Php1.54 billion and EBIT rose 11% to Php1.28 billion.

Robinsons Offices completed Cybergate Galleria Cebu in the third quarter, adding almost 20,000 square meters of gross leasable area (GLA). This brings RLC’s office portfolio to 707,000 sqm of GLA with a 92% leased percentage. In addition, RLC strengthened its presence in the growing flexible workspace segment with the opening of two (2) new build-to-suit work.able centers in Cyber Omega in Pasig and in Giga Tower in the Bridgetowne Destination Estate. It now has a total of eight (8) work.able sites with a blended occupancy of 96%.

With the significant easing of travel restrictions, resurgence of domestic tourism, and reopening of international borders, Robinsons Hotels and Resorts (RHR) improved revenues by 65% to Php1.39 billion in the first nine months of 2022. Higher average room rates, increased F&B sales, and the resurgence of MICE events positioned RLC’s hospitality business for a strong recovery. Notwithstanding pre-operating expenses from new hotel developments, EBITDA climbed 8% to Php204 million as 3Q2022 EBIT reversed back into the black for the first time since the pandemic.

Further cementing itself as the largest hotel developer and operator in the Philippines with the biggest portfolio of hospitality developments, RHR has completed three new hotels – Go Hotels Plus Naga, Go Hotels Plus Tuguegarao, and Summit Hotel Naga. RHR also owns Fili Hotel at NuStar, the Philippines’ first homegrown luxury hotel and the most exciting hotel project in the country this year.

Robinsons Logistics and Industrial Facilities (RLX) continues to make important progress in its pursuit of becoming a market leader in the industrial and logistics sector. Industrial leasing revenues in the first nine months of 2022 soared by 104% to Php406 million year-on-year, as a result of the full-year contribution of new industrial facilities. Both EBITDA and EBIT escalated by 89% to end at Php346 million and Php250 million, respectively. To-date, RLX has seven industrial facilities with 167,000 sqm of total gross leasable space.

Meanwhile, Robinsons Integrated Developments recognized revenues of Php452 million from a portion of deferred gain on sale of land to joint venture entities. EBITDA and EBIT settled at Php216 million and Php213 million, respectively.

Residential Sales Take-Up Soar

New project launches lifted the combined net sales take-up of RLC Residences and Robinsons Homes by 33% to Php10.53 billion in first nine months of 2022. Realized revenues expanded by 8% to Php6.31 billion to account for 18% of consolidated revenues. EBITDA and EBIT ended at Php2.39 billion and Php2.31 billion, respectively. In the third quarter alone, realized revenues surged 96% to Php2.10 billion, while net sales take-up escalated by 89% to Php4.52 billion year-on-year.

Residential net sales take-up from joint venture projects – Aurelia, Velaris and Sonora – soared to Php1.86 billion in the third quarter for a 123% growth year-on-year. This pushed nine-month performance to Php6.93 billion, which is equivalent to a 62% increase versus last year for the period ending 30 September 2022.


RLC recognized revenues of Php12.68 billion from Phase 2 of its Chengdu Ban Bian Jie project, exceeding revenues recognized from Phase 1 in 2021 by 21%. Furthermore, US$25 million had been paid-out as dividends following the repatriation of 99.78% of RLC’s US$225-million invested capital.

For the nine-month period ending September 30, 2022, RLC spent Php19.72 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. 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.


RLC listed its Php15-billion Series E (3-Yr Tenor) & F (5-Year Tenor) fixed-rate bonds in the Philippine Dealing and Exchange Corporation (PDEx) last August 2022. The transaction drew total bids of Php120 billion, 12 times the base offer. The overwhelming market reception allowed RLC to price the bonds at the lowest end of the range.

This bond issuance marks the first tranche of RLC’s Php30-billion, 3-year debt securities program filed under shelf-registration with the Securities and Exchange Commission (SEC). It received the highest issue credit rating of PRS Aaa, with a Stable Outlook from the Philippine Rating Services Corp. (PhilRatings), indicating the Company’s stability and strong capacity to meet its financial commitments.