Filinvest Development Corp. (FDC) of the Gotianun family said Wednesday its net income attributable to equity holders of the parent company climbed 36 percent in 2024 to P12.1 billion from P8.9 billion in 2023 on the back of record revenues.
Consolidated sales jumped 22 percent to an all-time high of P113.4 billion on double-digit improvement across all businesses including banking, real estate, power, hospitality and sugar.
“2024 was by far Filinvest’s strongest year. 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. It is a testament to our ability to adapt to changes over the decades and take advantage of opportunities when they arise,” said FDC president and chief executive Rhoda Huang.
The group’s banking and financial services posted net income contribution to the group of P5.8 billion, equivalent to 39 percent of FDC’s bottom line.
The power subsidiary contributed P4.3 billion in net income or 29 percent of the total. The property business, composed of the real estate and hospitality segments, delivered a combined P4.1 billion or 27 percent of total. The balance of 5 percent came from other businesses.
FDC’s banking unit EastWest Bank, on a stand-alone basis, booked its all-time high net income of P7.6 billion in 2024, or 25 percent higher than in the previous year on sustained consumer loan growth and strong deposit generation.
Real estate business, comprised of listed subsidiary Filinvest Land, Inc. (FLI) and Filinvest Alabang Inc. (FAI), contributed P3.8 billion in net income to the group in 2024, or 3.2 percent higher than the P3.7 billion in the previous year.
Revenues from the residential segment saw a 9 percent increase to P17.6 billion, driven by higher percentage of project completion of mid-rise condominiums (MRBs) and housing projects, and a growing number of accounts being recognized as revenues.
Mall and rental revenues improved by 11 percent to P8.5 billion from increased occupancy rates.
The power subsidiary, FDC Utilities, Inc. (FDCUI), reported a net income contribution of P4.3 billion in 2024, up by 26 percent from 2023. The growth was driven by higher volume and average selling prices.
Net income contribution of hotel operations under Filinvest Hospitality Corp. reached P266 million as revenues climbed 26 percent to P4.3 billion in 2024.
The higher revenues were boosted by stable domestic tourism and increased average room rates across the seven properties.