RLC eyes bigger role in Gokongwei-led portfolio

BUSINESS AS USUAL

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Robinsons Malls, RLC's largest revenue driver, posted an 8% increase in rental revenue to P3.43 billion in the first quarter of 2025, driven by higher tenant sales and stronger foot traffic.

Total mall revenue rose 6% year-over-year to P4.72 billion. The mall segment's EBITDA climbed 10% to P3 billion, while EBIT rose 11% to P2.13 billion. Occupancy remained stable at 93%.

In April, the company opened its 56th mall in Pagadian City, Zamboanga del Sur, expanding its network that continues to focus on areas outside the National Capital Region. The new mall added 23,800 square meters of gross leasable area (GLA) to RLC's portfolio, with a 98% occupancy rate. Its latest premium development, Opus in Quezon City, opened in July 2024.

"Malling is really a way of life for Filipinos, and that is why it is not so much of a risk to bet on it. That is also why we want to expand into other cities where we see underserved or unserved demand for malls," said President and Chief Executive Officer Mybelle V. Aragon-GoBio.

At the same time, RLC's office segment posted a 6% rise in revenues to P2.02 billion. EBITDA reached P1.61 billion, while EBIT stood at P1.31 billion. Growth was supported by steady rental income from 32 office buildings, covering a total of 793,000 square meters of GLA. The company continues to offer high-quality office spaces to both multinational and local companies amid a shifting work landscape.

The Robinsons Destination Estates (RDE) recorded P223 million in property development revenues from deferred land sales to joint venture entities. EBITDA and EBIT both exceeded P125 million for the quarter.