Robinsons Land posts P8.5 billion net income in 2021, near pre-pandemic level


Posted at Mar 09 2022 02:04 PM | Updated as of Mar 10 2022 01:05 PM

MANILA - Robinsons Land Corp on Wednesday said its net income jumped 62 percent in 2021 to P8.5 billion, a level closer to its pre-pandemic performance.

Consolidated revenues grew 30 percent to P36.5 billion for the year, RCL said in a disclosure to the stock exchange.

Fourth-quarter revenues hit P5.66 billion with a net income of P206 billion as restrictions ease, it said.

Increased foot traffic gave its mall business a boost in terms of revenue, the company said. Its Office business also sustained an upward trajectory while its hotels unit achieved a 16 percent quarter-on-quarter growth, it added.

"2021 was an eventful year for RLC. We pushed boundaries to create value for our stakeholders and continued to invest in our long-term sustainability," RLC president and CEO Frederick Go said.

"As the economy approaches full reopening, the diversity of our portfolio, our healthy balance sheet and agile mindset put up in a strong position to capture growth opportunities towards accelerated recovery," he added.

RLC also listed its real estate investment trust RL Commercial REIT in 2021. RCR is the country's largest REIT in terms of market capitalization, portfolio valuation and asset size, it said.