(From left) Francis Gotianun, FDC Director and First Senior Vice President at Filinvest Hospitality Corporation; Josephine Gotianun-Yap, FDC Vice Chairperson; Jonathan Gotianun, FDC Chair and Isabelle Gotianun Yap, Executive Director and Vice President at EastWest
MANILA, Philippines — Gotianun-led Filinvest Development Corp. (FDC) shattered its own earnings record in 2024 after booking a 36-percent surge in its bottom line to P12.1 billion, buoyed by gains across its businesses.
FDC’s total revenues and other income likewise breached the P100-billion mark for the first time, jumping by 22 percent to P113.4 billion.
This made 2024 its “strongest year,” FDC president and CEO Rhoda Huang said in their regulatory filing.
“As we celebrate our 70th anniversary, this record performance anchors our growth plans and gives us confidence in our continued growth in the years ahead,“ Huang added.
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Operating units
Banking and financial services under EastWest Bank ended the year with a P7.6-billion bottom line, representing a 25-percent expansion on the back of consumer loan growth.
According to FDC, EastWest’s high-yielding consumer lending portfolio grew by 16 percent and now accounts for 82 percent of the bank’s total loan base.
Net interest income swelled by 19 percent to P33.5 billion, while noninterest income climbed by a fifth to P8.9 billion.
Meanwhile, real estate under Filinvest Land Inc. and Filinvest Alabang Inc. contributed P3.8 billion to the group’s net income, up by 3.2 percent.
Revenues from the residential segment rose by 9 percent to P17.6 billion, driven by its mid-rise condominiums and housing projects.
Mall and rental revenues increased by 11 percent to P8.5 billion due to higher occupancy rates.
Power, hospitality
FDC Utilities Inc. (FDCUI), the conglomerate’s power subsidiary, saw its earnings swell by 26 percent to P4.3 billion. This was supported by a 40-percent surge in revenues to P24.5 billion.
Growth was on the back of higher volume and average selling prices, FDC said.
FDCUI currently operates a 405-megawatt coal-fired power plant in Misamis Oriental province.
At the same time, hotel operator Filinvest Hospitality Corp. (FHC) benefited from the country’s tourism boom, with its net income jumping by 150 percent to P266 million. Revenues were up 26 percent to P4.3 billion.
FHC, whose brands include Crimson, Quest and Timberland Highlands, has around 1,800 rooms across seven hotels.