Rockwell Land CorporationRockwell Land Corporation’s net income after tax in 2017 amounted to P2.1 billion, a growth of 13% compounded annually since 2015. As a percentage to revenues, net income was 15% for 2017, 14% for 2016 and 18% for 2015.
Total revenues grew to P14.3 billion in 2017, increasing at a compounded annual rate of 27% since 2015.
Residential development accounted for 88% of the total revenues in 2017, higher than its 73% share in 2015 as there was substantial sale of office units in 2015. The contribution of hotel operations slightly dropped to 2% in 2017 as the company discontinued in September 2017 the Grove Serviced Apartment which operated for a total of 18 months.
Earnings before interest, taxes, depreciation and amortization (EBITDA) in 2017 amounted to P3.6 billion representing 25% of total revenues and a 9% compounded annual growth since 2015.
EBITDA from residential development accelerated by 23% annually from 2015 mainly due to the strong performance of The Proscenium. On the other hand, commercial development saw a decrease in its EBITDA by 10% annually during the same period as there was substantial revenue contribution from sale of office units in 8 Rockwell in 2015. Meanwhile, the hotel operations’ EBITDA declined to P75.4 million due to the discontinuance of Aruga at The Grove.
Residential development, commercial development and hotel operations contributed 65%, 33% and 2% to total EBITDA in 2017, respectively.