Rockwell Land says P3.4-B income exceeds pre-pandemic level

ROCKWELL Land, Inc. saw a 31% increase in its net income to P3.4 billion in 2023 from P2.59 billion a year earlier, driven by the performance of its residential and commercial segments, the listed property developer said on Thursday.

The 2023 consolidated net income has “surpassed the pre-pandemic level,” the company said in a stock exchange disclosure.

The company’s revenues improved by 12.1% to P18.5 billion in 2023 from P16.5 billion in 2022.

Residential development revenue increased by 18% to P14.4 billion with reservation sales hitting P20.3 billion following the reception of Edades West in Makati as well as expansion projects in provincial areas such as Lincoln at IPI Center in Cebu, Cluster 5 of Rockwell South at Carmelray in Canlubang, and Phase 5 of Terreno South in Batangas, the company said.

Retail revenues also jumped by 27% to P2.2 billion, led by improvements in occupancy and rental rates, on top of new retail store openings.

Rockwell Land plans to launch new projects this year in provinces south of Metro Manila to expand the company’s 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,” the company said.

The company’s board has approved a P5-billion term loan facility with BDO Unibank, Inc. to finance its projects.

The loan will be valid for a duration of up to ten years, it said in a separate disclosure.

“The proceeds of the loan will be used to fund capital expenditures, land acquisitions, and other investments,” the company said.

The latest loan funding for Rockwell Land with BDO follows the company’s board approval of a P5-billion loan facility with Metropolitan Bank & Trust Co. in January.

The loan, with a term of up to seven years, will also be utilized to fund capital expenditures, land acquisitions, and other investments.

Rockwell Land is the real estate arm of Lopez-led First Philippine Holdings Corp. The company’s portfolio spans across the residential, office, retail, and leisure segments.

Some of the company’s properties include Rockwell Center and Power Plant Mall in Makati, as well as Rockwell Business Centers in Ortigas and Mandaluyong.

On Thursday, Rockwell Land shares rose by 2.14% or three centavos to P1.43 apiece. — Revin Mikhael D. Ochave