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Filinvest raised 2019 net income by 23% to P12b

Conglomerate Filinvest Development Corp. of the Gotianun Group saw its net income increase 23 percent in 2019 to P12 billion from P9.8 billion a year ago, as core businesses in the banking, property, power and sugar businesses delivered strong results.

Filinvest said in a disclosure to the stock exchange Wednesday consolidated revenues rose 15 percent year-on-year.

The group’s real estate and hospitality business contributed more than half of the bottom line, while banking and financial services subsidiary, East West Banking Corp., delivered a net income contribution of P6.1 billion, up 45 percent.

The company’s power unit, FDC Utilities Inc., contributed P2.5 billion in net income, up 20 percent from the previous year.

“The year 2019 was a banner year for FDC. We met our goals for our core businesses, gained further traction in the new businesses and achieved record financial results. This was done through our continued focus on the delivery of products and services to the dynamic yet underserved middle market,” said Filinvest president and chief exuecitve Josephine Yap.

“The COVID-19 pandemic, however, has put an unexpected pause to our 2020 plans. Our attention was diverted as we worked closely with the public and private sectors to mobilize resources towards health care, testing and community assistance. The foundations of the Filinvest group pledged P100 million to this fight. Nevertheless, the Filinvest group is in a solid position to address the forthcoming challenges posed by this crisis,” Yap added.

The conglomerate reported that developments were under way in its two major townships in Clark corridor, namely the 201-hectare Filinvest Mimosa Plus Leisure City and 288-hectare Filinvest at New Clark City.

The group’s hospitality arm oversees the leisure developments such as the 303-room Quest Plus Hotel and two championship 18-hole golf courses, while property unit Filinvest Land Inc. built two fully-leased out BPO office buildings.

Filinvest Land is adding two BPO office buildings, a strip mall and a new leasing concept called dormitels.

Over at New Clark City, the first phases of the Filinvest Innovation Park, which covers an area of 64 hectares, are nearing completion.

Linking these two developments is the newly-opened government-built access road from the Subic-Clark-Tarlac Expressway to New Clark City that effectively cuts travel time between the two developments.

Another major investment of Filinvest group in Clark is the 25-year concession agreement to develop commercial assets, operate and maintain project facilities and fit out the new terminal with an estimated annual capacity of eight million passengers at the Clark International Airport.

Topics: Filinvest Development Corp. , Gotianun Group , net income
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