MANILA, Philippines —Gotianun-led Filinvest Land experienced a banner year in 2023 as net income jumped 30 percent to P3.77 billion on the back of “solid” contributions of its residential and mall leasing segments.
Total revenues and other income also hit P22.55 billion last year, a gain of 13 percent, a stock exchange filing on Wednesday showed.
“We are very pleased to report Filinvest Land’s financial results in 2023 which were driven by the consistent and robust performance of our residential business segment,” Tristan Las Marias, president and CEO of Filinvest Land, said in the filing.
“This was driven by increasing sales to our overseas Filipino workers, alongside the strategic expansion and regionalization of our sales network,” he added.
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During the past year, the residential segment saw a 13-percent increase in revenue to about P14.5 billion, attributed to rapid construction progress of its housing and medium-rise condominium projects.
Mall occupancy, shopper footfall
For malls, revenues expanded by 32 percent to P2.2 billion, driven by greater mall occupancy, a rise in shopper footfall, and stable rental rates, particularly in its key shopping centers like Festival Mall in Alabang and IL Corso in Cebu.
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The office segment experienced a modest 2 percent revenue growth to P4.7 billion. This was due to higher occupancy rates and strategic partnerships, like the joint venture with KMC Community, Inc., boosting the company’s presence in the co-working space market.
“We are also excited about the strong performance of our leasing businesses, including malls, offices, industrial spaces, co-living, and co-working spaces,” Las Marias said.
“We anticipate further expansion opportunities for [Filinvest Land] in the coming year,” he added.