2023 RCI financial and operating results
Roxas and Company, Inc. (RCI) booked Php 732m in consolidated revenues in 2023, a 7% drop vs. 2022 driven by a 10% rise in hotel revenues and 128% surge in coconut products, offset by sales timing of raw land. The hospitality sector registered stronger occupancy across all properties as a result of economic activity, resumption of MICE events, and the return of domestic tourists.
Anya Resort Tagaytay (ART) was awarded as the Philippines’ Leading Boutique Resort in the 2023 World Travel Awards, adding to its list of accolades from international groups. The high-end facility opened a new villa consisting of eight new luxury units, extending the Anya experience to 88 rooms.
Roxaco Land Corporation (RLC) raw land sales were lower compared to the last 2 years. The Group is evaluating new sales inquiries and joint venture proposals spurred by infrastructure, commercial, and residential developments in Nasugbu, such as the planned consolidation of the tollways of Metro Pacific and San Miguel Corporation, NGCP projects, and interest from large property developers.
Roxaco Asia Hospitality Corporation (RAHC) refurbished its facilities to offer best value for its 804 Go Hotels budget rooms. RAHC continues to innovate and improve occupancy levels to address adoption of hybrid work and declining room rates.
In 2023, RCI impaired Php 404m of its RSAI and RHI investments to reflect their recoverable value. The updated valuation drives capital allocation and resource management decisions. RCI foresees partial or full impairment reversal upon the successful completion of turn-around initiatives and as the asset carrying value improve. The Group is also optimizing the land portfolio and updating the strategic fit of existing businesses vs. the long term vision.
RCI booked a consolidated Net Income of P1.3 billion in 2023, a 112% increase compared to 2022 mainly from the appreciation of investment properties.
Main Activities in 2024
Key projects in 2024 include ART’s renovation of 11 existing villas, supply agreement in coconut export, launch of Anya Phase 3, and systems upgrade and automation.
RCI received the Consolidated Order dated December 29, 2023 from the Department of Agrarian Reform (DAR) resolving the long-outstanding legal cases and claims over RCI’s land properties. The Group contracted a top property consultant to define the Highest and Best Use of the Estate. The resulting Master Plan for the mixed-use development is estimated to be finalized by Q4 of 2024.
This interconnected community would be designed to maximize livability, convenience, and sustainability by integrating light industrial parks, horizontal and mid-rise residential development, schools, shopping centers, and recreational facilities, to provide high quality of life with access to diverse amenities, green spaces, and community events, fostering a sense of belonging and social cohesion.
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