The amount was a 31-percent improvement from the previous year.
Written by Currie Cator
Earnings of the Lopez-owned Rockwell Land Corporation saw an increase in 2023, as its net income climbed by 31 percent to P3.4 billion.
The property developer reported earnings of P2.59 billion the previous year.
Rockwell Land said the performance of its residential and commercial segments spurred its consolidated net income after tax, which has “surpassed the pre-pandemic level.”
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The company generated P18.5 billion in revenues last year, an improvement by 12.1 percent from P16.5 billion in 2022.
Residential development revenues jumped by 18 percent to P14.4 billion. This follows a surge in reservation sales to P20.3 billion driven by strong market reception of the Edades West in Makati, as well as expansion projects in key provincial areas: Lincoln at IPI Center in Cebu; Cluster 5 of Rockwell South at Carmelray in Canlubang, Laguna; and Phase 5 of Terreno South in Batangas.
Rockwell Land also reported growth in retail revenues by 27 percent to P2.2 billion. This was due to improvements in occupancy and rental rates, on top of retail store openings, the company said.
The Lopez-led developer plans to roll out new projects in provinces south of Metro Manila this year, in an effort to expand its product portfolio.
“The real estate industry remains progressive, and Rockwell Land is bolstered by its promising performance from the previous year. Rockwell will continue to provide quality mixed-use communities as it continues to grow its business and expand its footprint,” it said.
A P5-billion term loan facility with BDO Unibank, Inc., valid for ten years, will be used to fund its projects, according to Rockwell Land. The company’s board also previously approved a loan of the same amount with Metropolitan Bank & Trust Company.
Rockwell Land, owned by Lopez’s First Philippines Holdings Corporation, operates residential, office, retail, and leisure segments across the country. These include its flagship Rockwell Center and Power Plant Mall in Makati, as well as Rockwell Business Centers in Ortigas and Mandaluyong.
Article taken from https://www.esquiremag.ph/money/industry/rockwell-land-net-income-a3011-20240422
