Rockwell Land Corporation, for the three months ended March 31, 2023 and 2022, registered P3,653 million in consolidated revenues, higher by 10% from last year’s P3,311 million. Residential development accounted for 73% of the total revenues in 2023, higher than last year’s 66%.

Total EBITDA (earnings before interest, taxes, depreciation and amortization) reached P1,393 million, higher than last year’s P1,275 million driven by higher EBITDA from residential development. Overall EBITDA margin registered at 38% of total revenues, slightly lower than last year’s 39%. The total revenues used as basis for the EBITDA margin excludes gross revenues from the joint venture with Meralco, T.G.N Realty Corporation and International Pharmaceuticals Inc. as these are reported separately. Share in net income in the joint venture contributed 7% to the company’s total EBITDA.

Residential development and commercial development contributed 48% and 52% to the total EBITDA, respectively.

Consolidated net income after tax registered at P655 million, higher than last year’s P617 million. NIAT (net income after taxes) to parent for the three months was P600 million, 14% higher than the same period last year of P524 million.