Anya Resort Tagaytay (ART), the luxury hotel of Roxas and Company, Inc. (RCI) grew Q1 revenue by 91% to P66 million compared to the same period last year on better than pre-pandemic occupancy and a 40% increase in corporate and social events. Roxaco-Asia Hospitality Corporation’s (RAHC) Go Hotels sales of P51 million was lower by 2% due to longer holidays and preference for destination resorts. Roxas Sigma Agriventures, Inc. (RSAI) exported P67 million of coconut products, up 19% vs. first quarter 2022 on high coconut water concentrate orders. Roxaco Land Corporation (RLC) sales at P22 million was 90% below last year due to timing of 2023 raw land sales.
RLC, RCl’s realty company, is set to launch Anya Phase 3 after its sold-out Phase 1 and 2. The new development offers an exclusive community of villas at the existing Anya enclave. Set in a lush, tropical, park-like setting with the understated elegance reminiscent of old Baguio, Anya villas target primary homes for end-users, family vacation retreats, and investment property assets.
Q1 2023 Group consolidated revenues at P212 million was 42% lower than 2022 mostly from the delayed sale of real estate. The resulting P64 million gross profit was lower compared to last year but operating expense decreased by 24% during the same period due to prudent spending. Net Income was -P189 million which includes P87 million share in equity loss from its Roxas Holdings, Inc. (RHI) investment.
EXTENDED RECOVERY IN 2022
In a regulatory filing, RCl’s consolidated full year top line dipped 18% to P786 million vs. 2021 due to the transition of Go Hotels from quarantine to regular guests and fewer arrival of Chinese clients. Anya Tagaytay’s revenue rose 167% to P225 million on revenge travel after the lifting of travel and health restrictions. RSAl’s production and export sales were slowed by additional equipment repair and account rationalization, resulting to P298 million in asset impairment.
Realty sold P237 million of raw land and restarted its house and lot projects after limited progress completion in 2020 and 2021. RCl’s partner banks approved P1.6 billion of debt restructuring in support of the Group’s post Covid recovery plan. Anya Tagaytay received the 2022 World Luxury Resort Award and achieved its highest occupancy in December 2022.
RCI booked P2.1 billion of unrealized fair value gains as the value of its Nasugbu, Batangas land bank continues to appreciate, driven largely by tollway and power infrastructure developments in the area. This offset the P184 million equity loss from its 23% interest in RHI. 2022 consolidated net income rose by 162% to P623 million compared to last year.
RCI is staying the course on its strategy of diversifying sales and driving operational excellence while deleveraging to manage debt.
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