Gotianun-led Filinvest Land, Inc. (FLI), reported Wednesday its net income attributable to equity holders of the parent reached P3.77-billion in 2023, up 30 percent compared to the previous year’s level.
FLI, in a stock exchange filing, said total consolidated revenues and other income increased by 13 percent year-on-year to P22.55-billion compared to P19.94-billion in 2022 on strong contribution from residential and leasing business segments.
“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. This was driven by increasing sales to our overseas Filipino workers (OFWs), alongside the strategic expansion and regionalization of our sales network,” said FLI president and chief executive Tristan Las Marias.
“We are also excited about the strong performance of our leasing businesses, including malls, offices, industrial spaces, co-living, and co-working spaces,” he said.
Las Marias said the group is looking at expansion opportunities for FLI this year, given the company’s positive performance.
FLI’s residential business booked sales of P14.5- billion, up 13 percent year-on-year, boosted by accelerated construction progress and the success of housing projects and medium-rise condominiums across strategic locations nationwide.
The property firm launched P8.7-billion worth of residential projects in key areas such as Rizal, Laguna, Pangasinan, Cebu, Davao, South Cotabato, Zamboanga, and Iloilo last year.
Mall business booked revenues of P2.21-billion, higher by 32 percent from a year ago level fueled by higher mall occupancy, increased shopper traffic, and normalized rental rates across all malls.
“Our stellar performance in the mall business was driven by the increase in occupancy and tenant sales and reduced direct operating expenses led to a record growth in EBITDA (earnings before interest, taxes, depreciation, and amortization) of 47 percent,” Las Marias said.
The group’s office business managed to post a two percent increase in revenues to P4.66-billion, driven by improved occupancy rates and rate escalations.
FLI also entered a joint venture with KMC Community, Inc. in 2023, which has enabled the company to reach new markets with a new venture in co-working spaces to increase revenues and occupancy of its office properties.
Meanwhile, FLI said its new ventures including co-living in Filinvest Mimosa+ Leisure City and its industrial park in New Clark have started contributing to the company’s operations.