Filinvest Development posts 58% growth in 2023 earnings
MANILA, Philippines — Gotianun-led Filinvest Development Corp. (FDC) booked a 58-percent rise in earnings last year to P8.9 billion on the improved performance of all its businesses as the company recovered in the postpandemic era.
In a stock exchange filing on Wednesday, Filinvest said its revenues likewise climbed to P92.8 billion from P71.1 billion.
“This past operating year was marked by robust growth in all our business lines,” said FDC president and CEO Rhoda Huang.
“The key to our success was a renewed focus on the fundamentals of our business and staying true to our key strategic imperatives and reliance on our core strengths as an organization,” she added.
Earnings from its banking business, through East West Bank, accounted for 39 percent of the company’s bottom line. It was followed by real estate and hospitality (32 percent), power (24 percent) and other businesses (5 percent).
READ: EastWest Bank profit hits P6.1B in 2023
East West delivered a 32-percent growth in earnings to P6.1 billion on strong deposit generation and sustained consumer loan.
Growth drivers
Its high-yielding consumer lending portfolio climbed by 25 percent, accounting for 80 percent of East West’s total loan base.
Meanwhile, FDC’s real estate business via Filinvest Land Inc. and Filinvest Alabang Inc. contributed a combined P3.7 billion in net income, up by 31 percent on the back of better sales of mid-rise condominiums and housing projects.
READ: Filinvest Development 9-month profit grows 57% to P5.9B
Mall and rental revenues improved by 14 percent to P7.6 billion as occupancy levels increased while rental concessions were reduced.
Power subsidiary FDC Utilities Inc. booked a 30-percent rise in earnings to P2.8 billion on higher volume and average selling prices.
According to FDC, all units of its 405-megawatt coal-fired power plant in Misamis Oriental province were fully contracted on the back of the energization of the P52-billion Mindanao-Visayas Interconnection Project.
Higher average room rates and “stable domestic tourism” pulled up the revenues of Filinvest Hospitality Corp. (FHC) by 48 percent to P2.9 billion. Revenues from food and beverage added P1.1 billion to the segment.
As of end-2023, FHC had around 1,800 rooms across seven hotels under the Crimson, Quest and Timberland Highlands brands.
