MANILA, Philippines – Dominion Holdings Inc., formerly BDO Leasing & Finance Inc., on Friday reported net earnings of P125.3 million in the first half of 2023, up from P3.7 million in the same period last year.
Gross income increased more than six-fold to P162.3 million as the firm reallocated its funds to higher yielding investments and debt securities to capitalize on the prevailing attractive interest rates.
Total resources reached P6.3 billion, majority of which was accounted for by short-term investments. Stockholders’ equity improved to P6.25 billion, derived primarily from net profits.
The company obtained an approval from the Securities and Exchange Commission on July 18, 2022 for the change in corporate name of BDO Leasing and Finance to Dominion Holdings, the shift in primary and secondary purposes from a leasing and financing company to that of a holding company and the corresponding amendments to articles of incorporation and by-laws.
This is to give Dominion Holdings more flexibility to pursue business opportunities that can enhance shareholder value for stockholders. Its primary purpose now is to hold/own real estate properties, securities/shares of stocks and other assets of other companies and engage in investment and business activities involving these assets.
