Roxas Holdings, Inc. (RHI) is expecting improved refinery operations in 2023 after the sugar and ethanol producer trimmed its net loss for the past fiscal year.
“RHI’s business pivot to focus on its sugar refinery is proving to be a ‘just-in-time’ project,” Pedro E. Roxas, RHI chairman, said in a media release on Wednesday.
Mr. Roxas said that the country’s sugar industry remains one of the most vulnerable sectors to climate change, citing the heavy impact of recent typhoons.
“These unfavorable weather conditions, including La Niña, have been adversely affecting cane supply in recent years,” he said.
Despite these headwinds, the company is optimistic about its sugar refinery business: Central Azucarera Don Pedro’s (CADP) sugar mill and refinery in Batangas. It considers the unit, which has completed a stand-alone refinery project this year, as more vulnerable to calamities. RHI said the project would help the refinery to operate for a longer period.
“We feel that this will provide RHI’s stakeholders with a viable and more sustainable business, considering the continued strong demand for refined sugar,” Mr. Roxas said.
Celso T. Dimarucut, president and chief executive officer of RHI, said that for next year, the company is expected to refine 5 million 50-kilogram bags.
“Management shall continuously review and implement measures to address the major challenges experienced by its operating units particularly CADP, and these efforts will further ensure sustainable operations for the RHI Group going forward,” Mr. Dimarucut said.
Meanwhile, RHI narrowed its net loss to P790.07 million for its fiscal year ending in September from its P934.88-million net loss recorded a year ago.
Its revenues went up by 56.1% to P7.07 billion from P4.53 billion in the same period last year. — Ashley Erika O. Jose