Filinvest Land records 15% income growth in 1H2023
Filinvest Land, Inc. (FLI), one of the country’s largest real estate developers, reported an increase of 15% in net income attributable to equity holders of the parent for the first half of 2023, totaling Php1.39 billion. Total consolidated revenues and other income increased by 8% year-on-year from Php9.15 billion in 2022 to Php9.92 billion in 2023 as the full-range property developer’s residential and rental business segments posted growth.
“Filinvest Land continued to achieve growth in its residential and rental business segments during the first six months of the year. We are pleased that our efforts led to satisfactory results as we continued to sustain our sales and marketing activities. We remain focused on meeting our customers’ needs as we target to further grow our business this year, with further residential launches planned in the second half,” said Tristan Las Marias, FLI President and Chief Executive Officer.
Residential revenues grew 4% to Php6.06 billion due to accelerated construction progress and strong performance of FLI’s housing projects and medium-rise condominium projects. Reservation sales also grew by 21% to Php 11 billion. In the first half of 2023, FLI launched P4.56 billion worth of residential projects in Rizal, Laguna, Davao, Pangasinan, South Cotabato, and Zamboanga.
The mall business grew 64% to Php1.15 billion due to the increase in mall occupancy and rise in shopper traffic brought about by improving consumer activity as well as normalized rental rates. Filinvest Lifemalls, which include Festival Mall in Alabang, Main Square in Bacoor City, Fora in Tagaytay City, and IL Corso in City di Mare (the Lifestyle Capital of Cebu), together redefined a lifestyle of safety, comfort, and ease to the communities where they are located.
In July, the company welcomed St. Battalion, an Australian manufacturer of electric vehicle (EV) batteries as the Filinvest Innovation Park New Clark City’s first locator. This is part of the new initiative of FLI to grow a new asset class in ready-built factories (RBFs) for its innovation parks in Clark and Calamba City, Laguna.
Office revenues increased by 1% to P2.29 billion due to newly signed leases in office buildings such as in Axis 1 and 2 in Northgate Cyberzone, Filinvest City and FLI EDSA Wack Wack in Mandaluyong City.
In May this year, FLI signed a joint venture agreement with KMC Community, Inc. for the development, management, operation, and maintenance of flexible workspaces offering private serviced office seats and co-working seats in commercial buildings. This new business is expected to further enhance the company’s revenue potential.