RCI net income hits P14.2-billion on land value appreciation – BusinessWorld Online
Roxas and Company, Inc. (RCI) delivered record-breaking Net Income After Tax in 2024, surging to P14.3-billion , a 978% increase from P1.3-billion in 2023. This was driven by a P20-billion fair value gain on investment properties following the resolution of the decades-long legal cases of the Roxas estate in Nasugbu. The milestone paves the way for the long-term land development and growth of the areas retained by RCI.
The gain offset lower operating performance of business units, notably its budget hotels and bulk coconut exports. The realty unit deferred several projects to finalize joint venture details and relaunch with refined customer offers. Overall revenues of P526 million was 32% below 2023, resulting to a 30% drop in gross profit.
RCI refinanced as well as reduced key loans in 2024, successfully negotiating with the majority of its creditors in the year. The payments and stronger balance sheet substantially improved debt-to-equity ratio to 0.43:1.
Anya Resort Tagaytay (ART) refurbished all of its villas and upgraded dining and spa options. It was awarded the Philippines’ Leading Boutique Resort at the 31st World Travel Awards for the second straight year.
Roxas Sigma Agriventures, Inc. (RSAI) signed a six-month coconut cream supply agreement for a major player to commence in early 2025, renewable up to one year. This will reverse the low production levels in 2024 and together with a robust order pipeline, optimize plant utilization.
Roxaco Land Corporation (RLC) entered into a deal with a local developer to restart and complete the Montana project. It also concluded a partnership agreement for the land development of Anya Phase 3. RLC’s crematorium and columbarium venture in the San Antonio Memorial Garden (SAMG) facility held a successful groundbreaking.
RCI’s master plan for the development of the recovered properties is in progress, using the results of Leechiu’s Highest and Best Use (HBUS) study. The Company is well-positioned to pursue profitable and sustainable growth moving forward.
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