Filinvest Development 9-month profit grows 57% to P5.9B
MANILA -The Gotianun family’s Filinvest Development Corp. (FDC) saw profits during the first nine months of 2023 jump 57 percent to P5.9 billion on rosy bank and property earnings.
The real estate, banking and power conglomerate’s revenues from January to September this year also climbed 26 percent to P64.6 billion, a stock exchange filing on Wednesday showed.
“We are pleased to report the strong performance of our portfolio with an impressive broad-based growth in revenues and profit across all our business segments in banking, real estate, hotels, power and sugar despite the challenges of high interest and inflation rates,” FDC president Chiqui A. Huang said in the filing.
“With enhanced business strategies and execution, and a resilient organization, we look forward to sustaining, if not accelerating, our growth in 2024 and the years ahead,” she added.
The real estate segment, comprised of Filinvest Land Inc. and Filinvest Alabang Inc., contributed P3.53 billion in net income, which was an increase of 22 percent.
Real estate sales alone grew 15.2 percent to P10.7 billion while leasing revenues climbed 14.2 percent to P5.67 billion. The group’s hospitality business also recorded a 56.2 percent revenue increase to P2.1 billion during the nine-month period.
Banking arm EastWest Banking Corp. contributed P4.75 billion in net income, up nearly 59 percent.
Interest income during the period jumped 32.7 percent to P24.63 billion while non-interested income was up 59.2 percent to P5.1 billion.
Power and utility booked flat profits of P1.69 billion while revenues increased 19.1 percent to P11.25 billion.
The company’s sugar business saw net income increase 52.3 percent to P492.2 million mainly due to higher prices.
FDC said total capital spending for the year was set at P35 billion, with half of the amount gong to real estate and hospitality projects.