Sagicor Real Estate X Fund Limited is in recovery mode following the downturn of the hospitality sector in 2020.

The company’s fortunes have turned around as X Fund posted a net profit attributable to shareholders of $376.50 million in 2021 compared to the drastic net loss attributable to shareholders of $9.99 billion in 2020.

The hotel and real estate company saw Double Tree Hotel (DTO) in Orlando, Florida, grow its revenue by 83 per cent to $4.43 billion on occupancy of 83.2 per cent, which is well above the 46.9 per cent at the end of December 2020. Though this remains below the 2019 record of $5.27 billion, the shareholder report noted that Florida experienced a 60 per cent increase in visitors for October to December 2021 (fourth quarter) which was above the pre-pandemic numbers in December 2019.

“I think the company has turned the corner and is really going to grow now. DTO numbers are very strong towards the end of last year and for the first quarter this year. In terms of where it’s going, stay tuned as we’ll have some infomation for you in about two months,” stated chairman of X Fund Christopher Zacca at a recent press briefing on the company’s plans.

Despite the improvement in revenues, DTO still reported a net loss of $80 million compared to the $620 million seen in 2020, and far from the $277.04 million net profit set in 2019. X Fund’s overall revenue rose by 146 per cent to $5.79 billion as it had a capital gain of $1.19 billion which arose from foreign exchange gains on its financial investments.

Consequent on the reopening of DTO, total expenses increased by 42 per cent to $4.27 billion. Due to lower finance costs from the retirement of some debt on its books, X Fund reported an operating profit of $990.60 million which is the highest it’s been since 2017 when they reported $3.01 billion. While the Playa Hotels and Resorts sale netted the company $13.60 billion in cash, X Fund still recorded a $233.09 million loss on disposal of its former associate. With lower tax costs, X Fund reported a consolidated net profit of $720.87 million relative to the $14.91 billion net loss reported in 2020.

Total assets decreased by two per cent to $31.31 billion as the company’s non-current assets slipped to $16.10 billion while current assets ballooned to $15.21 billion. Total liabilities decreased by 16 per cent to $8.96 billion due to the company’s current assets decreasing by 69 per cent to $778.17 million. Total debt decreased to $7.18 billion as it paid down $2.36 billion of notes and promissory notes. Equity attributable to shareholders rose by nine per cent to $16.59 billion.