Robinsons Land Corp. (RLC) recorded a 47 percent year-on-year growth in net profits to P6.44 billion for the period ending Sept. 30, 2021.
Spurred by increasing demand and business activity, consolidated revenues rose 41 percent to P30.88 billion from P21.94 billion a year ago.
In the third quarter alone, net income reached P990 million.
Including proceeds from its recent REIT initial public offering, cash and cash equivalents stood at P20.67 billion as of Sept. 30, 2021 and net gearing ratio at a record low of 0.21x.
With its high net cash position, RLC decided to earmark P3 billion for a share buyback program as a manifestation of its confidence in the firm’s growth prospects.
Total assets were valued at P230.55 billion, while shareholders’ equity ended at P130.55 billion. (PR)