Rockwell Land Corporation breached the P1-billion level in net income after tax (NIAT) on the back of strong sales, timely construction completion of existing projects and a solid recurring income business. These have all contributed to this year’s NIAT of P1.1B, which is up by 23% from last year’s P914.9 million.

Rockwell Land generated reservation sales of P9.2B in 2012, achieving a substantial 87% growth from the previous year’s P4.9B. Half of last year’s reservation sales were from new projects 205 Santolan and the Proscenium’s Kirov and Sakura towers.

“The demand for the Rockwell products has always been strong, and with earnings per capita growing, demand for high-end products has been sustained. It is important that we continue this momentum by launching more products yearly, which we started to do last year. I believe Rockwell is a key player in the high-end market, which is why we are positive and continue to offer premium products to meet this growing need for quality and exclusivity,” said Rockwell Land president and CEO Nestor J. Padilla.

Rockwell Land’s total revenues amounted to P6.7B in 2012, up by 10% from the previous year’s P6.2B. Bulk of the total revenues is from residential development, which grew by 11% to P5.8B. Construction of The Grove, Edades and 205 Santolan were in full swing, contributing to the growth in revenue recognition. Meanwhile, the revenues from the company’s recurring income business consisting of retail leasing, office leasing and cinema operations grew 3% to P965.3M in 2012.

Rockwell Land increased its NIAT’s margin and three year compounded annual growth rate to 17% and 21%, respectively.

The company spent P7.9B for capital expenditures in 2012, up by 79% from 2011’s P4.4B. Total assets as of end 2012 reached P20.6B while total stockholders’ equity was at P10.1B. Current ratio and net debt to equity ratio remains healthy at 2.9x and 0.39x, respectively.