Filinvest Land Inc. (FLI), the property unit of the Gotianun family, said Monday net profit in the first half of 2024 grew 6.6 percent to P1.77 billion from P1.66 billion in the same period last year, led by the growth in the residential segment.
FLI said in a financial report to stock exchange first-half consolidated revenues jumped 15.8 percent to P11.5 billion from P9.92 billion.
Real estate sales reached P7.4 billion in the first half, up 21.75 percent from a year ago level.
More than three-fourths of total real estate sales came from projects catering to middle-income segment, including mid-rise and high-rise residential buildings, followed by affordable and low market at 12 percent.
Revenues from retail leasing rose 7.31 percent, on higher occupancy level, rental escalation rates and the removal of rental concessions.
Co-living (dormitel segment) contributed P114.28 million in revenue from the operations of The Crib Clark as of June 30, 2024.
The company said second-quarter net income rose 5.15 percent to P818.6 million from P778.5 million a year ago. Second-quarter revenues reached P5.88 billion, up by 18 percent from P4.98 billion in 2023.
FLI had a land bank of about 1,865 hectares of raw land for the development of its various projects as of end-June 2024, including 196.5 hectares of land under joint venture agreements, which the parent company’s management believes is sufficient to sustain several years of development and sales.
FLI plans to launch P25 billion worth of residential projects in 2024.
