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Press Releases / News UpdatesROXAS AND COMPANY, INC. (RCI) INCOME SURGES ON STRONG REALTY AND INVESTMENT PROPERTY PERFORMANCE[May 18, 2022]-Manila Roxas and Company, Inc. (RCI) recorded full year Net Income of P238 million in 2021, reversing its P1.2 billion loss in 2020. 2021 Revenues doubled to P1 billion as real estate sales and higher budget hospitality room nights bucked the pandemic and offset lower coconut product exports. Gross profit grew more than seven-fold vs. 2020, absorbing higher operating expenses as various businesses started to recover from reduced local government restrictions as a result of rising Covid-19 vaccinations. The surging demand for staycation options and lower Taal volcano alert level boosted occupancy in its high-end Anya Hotel in Tagaytay. The Group’s investment properties rose for the fourth straight year with a P766 million appraisal gain in 2021 mainly on land appreciation from tollway and power infrastructure plans near its Nasugbu, Batangas landbank portfolio. This offset the P183 million equity loss from its minority shareholding in the First Pacific-controlled Roxas Holdings, Inc. (RHI). RCI is driving its strategy of growing sales and embedding operational excellence while deleveraging to manage debt. |