The purpose of this research is to identify the overall internal and external property industrydeterminants of profitability of listed real estate companies in the Philippines. In particular,this research uses reported annual data from 2013 to 2022. Using a robust random effects (RE)panel regression model with Return on Asset (ROA) as dependent variable, the results showthat firm size (-), firm revenue growth (+), liquidity (-), efficiency measured using total assetturnover (+) or measured using cash conversion cycle (-) are significant determinants ofprofitability. On the other hand, using a robust fixed effects (FE) panel regression model withReturn on Equity (ROE) as dependent variable, the results show that while firm revenuegrowth (+) and efficiency measured using total asset turnover (+) or measured using cashconversion cycle (-) are still significant determinants of profitability, solvency (+) is alsoanother notable factor. The results of this study can help companies in the industry identifyfirm-specific and macroeconomic factors empirically proven to be important drivers of earningpotential so that efforts and resources may be properly channeled to capitalize on them,especially at a recovery period from the effects of the COVID-19 pandemic
