The landmark Muntinlupa mall helped push Rockwell's revenues up 29 percent to P19.3 billion in January to September 2026, as the company expanded beyond its traditional residential property business.
Retail revenues surged 74 percent to P3.6 billion, largely reflecting the consolidation of Alabang Commercial Corp. (ACC), alongside higher average rental rates and improved occupancy.
A bigger mall business
Commercial property revenues jumped 56 percent to P5.1 billion, giving malls, offices and hotels a larger share of Rockwell's business.
Residential development remained its biggest revenue source at P14.3 billion, up about 21 percent, supported by higher sales recognition from Edades West in Makati and Cabo lots in Batangas.
Together, the two businesses lifted operating earnings before interest, taxes, depreciation and amortization by 30 percent to P8.5 billion, while the company's profit margin on that measure held steady at 44 percent.
The cost of getting bigger
Rockwell's growing property portfolio also carries a higher financing bill, with interest expenses jumping 75 percent to P2.4 billion as borrowings increased.
Its net debt-to-equity ratio rose to 0.96 from 0.77 at the end of 2025, following a P10-billion bond issuance in March and additional loans.
The company spent P9.5 billion on land acquisitions and ongoing developments, including projects in Batangas, Pampanga, Cebu and Makati.
With total assets reaching P143 billion by September, Rockwell is building a larger commercial property business, although the rising cost of financing that expansion remains a key consideration.
—Edited by Miguel R. Camus
