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

ROCKWELL Land, Inc. saw its net profit rise 31% 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 Thursday.

Consolidated net income for 2023 has “exceeded pre-pandemic levels,” the company said in a note to the stock exchange.

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

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

Retail revenues also rose 27% to P2.2 billion, mainly due to improvements in occupancy rates and rental rates, on top of the opening of new stores.

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

“The real estate industry continues to be progressive and Rockwell Land is supported by the promising performance of the previous year. Rockwell will continue to provide high-quality mixed-use communities as it continues to expand its operations and expand its footprint,” the company said.

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

The loan has a term of up to 10 years, according to a separate disclosure.

“Proceeds from the loan will be used to finance capital expenditures, land acquisitions and other investments,” the company said.

The latest loan financing for Rockwell Land with BDO follows the company’s board’s 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 used to finance capital expenditures, land purchases and other investments.

Rockwell Land is the real estate arm of Lopez-led First Philippine Holdings Corp. The company’s portfolio includes 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, shares of Rockwell Land rose 2.14% or three centavos to P1.43 each. — Revin Mikhael D. Ochave