SUBSIDIARIES of listed firm Roxas and Co., Inc. (RCI) are seen to benefit from higher demand, expected travel resurgence, and real estate developments amid the coronavirus disease 2019 (COVID-19) pandemic.
RCI said in a stock exchange disclosure on Wednesday that its coconut unit Roxas Sigma Agriventures, Inc. (RSAI) is increasing production after the approval and partial release of a P100-million loan from the Development Bank of the Philippines in July.
“August tonnage versus same period last year rose 13%, netting a 40% improvement in average throughput year on year. The company forecasts up to a 50% increase in full year revenues versus 2020,” RCI said in the disclosure.
Meanwhile, RCI said the four budget Go Hotels of its hotel business unit, Roxaco Asia Hospitality Corp. (RAHC) have recorded strong occupancy figures due to high demand for affordable and health-compliant quarantine locations.
It added that RAHC is beginning to book corporate clients as it slowly regains regular guests.
RCI also disclosed that Anya Resort Tagaytay is gearing to reopen for clients in the National Capital Region (NCR), where 90% of its customers are coming from.
“It offers room, dining, wellness, and events services with its 78 world-class rooms, two restaurants, a heated pool, and a new spa offer in a secure and serene location. It also caters to conferences, meetings, and family functions,” RCI said.
Further, RCI’s property development unit Roxaco Land Corp. (RLC) has various projects in progress.
“The southward expansion of housing and commercial developments as well as tollway and utility investments by private firms and government open compelling options for RLC’s strategically located landbanks,” RCI said.
“The group achieved an overall 89% vaccination rate across its businesses, with RCI companies on track to hit 90% in all companies by early fourth quarter of 2021,” it added.
For the first half, RCI trimmed its net loss to P98 million while its revenues rose 250% to P632 million “as its real estate, hospitality, and coconut processing units bucked the pandemic and recession.”
On Wednesday, shares of RCI at the stock exchange rose 7.79% or 60 centavos to end at 83 centavos per share. — Revin Mikhael D. Ochave
