RCR logs P4.44B net income as revenue grows 1%

Business.
Business.(Business File photo)

RL COMMERCIAL REIT Inc. (RCR) reported to its shareholders a P4.44 billion net income for 2023 driven by sustained performance and operational efficiency of its 16 assets, excluding the effect of the change in fair market value of investment properties.

Net income margin ended at 80 percent, on par with the previous reporting year.

Despite continued headwinds in the entire office leasing industry, consolidated revenues saw a one percent growth to P5.52 billion compared to the same period last year.

RCR maintained its strong financial position with total assets amounting to P66.30 billion, while shareholders’ equity ended at P63.73 billion as of Dec. 31, 2023. Net asset value per share is at P5.94, and earnings per share landed at P0.4144, excluding the effect of the change in fair market value of investment properties.

For 2023, RCR distributed a total of P0.3914 per share as dividends to its shareholders, which amounted to 94 percent of distributable income, significantly higher than the company policy to declare a minimum of 90 percent. As a result, the company has announced increasing dividends per share for nine consecutive quarters, exclusive of its sequentially higher dividends for the first quarter of 2024. / PR

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