Filinvest Land, Inc. (FLI), one of the country’s largest real estate developers, reported Php 4.31 billion in revenues and other income for the first quarter of 2022. It posted Php 2.69 billion of residential revenues which is a 9% growth compared to the same period last year. The growth in residential revenues was due to continued construction progress and high reservation sales.
Net income attributable to equity holders of parent amounted to Php 678 million.
Reservation sales in the first quarter also reached Php 4.39 billion, an increase of 28% compared to the same period last year. The increase in reservation sales was due to high OFW Sales and strong demand for housing products in the Laguna, Cavite, Rizal, Bulacan, and Pampanga market areas.
“We are pleased with the continued growth of our residential revenues, and we expect to sustain this momentum as the economy, both here and abroad, continues to open. Our OFWs are starting to gain traction once again. We plan to boost our international sales network further and improve our digital and online platforms to reach out to more OFW markets abroad. FLI will continue accelerating construction completions and rolling out projects in emerging markets with large unserved housing demand. We anticipate an improvement in rental revenues going forward now that the traffic has improved in malls and rental concessions will be reduced,” said Tristan Las Marias, FLI’s President.
FLI was also given the highest credit rating by domestic credit rating agency Philippine Ratings Services Corp. (PhilRatings) for its planned bond issuance worth Php 8 billion, with an oversubscription option of up to Php3.9 billion.
According to FLI CEO Josephine Gotianun Yap, the funds generated from the proposed bond issue would be used to support the company’s capital expenditures and service debt repayments within 2022. FLI aims to expand its leasing business to reach 2.1 million square meters of GLA in 2026 and is ready to launch Php30 billion worth of residential projects. “We are grateful for this development as we reach our growth targets for our leasing and residential businesses,” Gotianun Yap said.
FLI President Tristan Las Marias added, “We are delighted with the PhilRatings report as it re-affirms our investors’ confidence in our company and our track record.”.
The forthcoming bond issuance will be the third and last tranche of the Php 30 billion bond program of FLI as registered with the Securities and Exchange Commission last October 2020.