Filinvest reports higher profit

Filinvest Development Corp.’s (FDC) net income rose 36% to P12.1 billion in 2024 from P8.9 billion in 2023, driven by record revenues.

Consolidated sales climbed 22% to an all-time high of P113.4 billion, boosted by double-digit growth across its banking, real estate, power, hospitality and sugar businesses.

"2024 was by far Filinvest’s strongest year," FDC president and chief executive Rhoda Huang said in a statement. "This record performance anchors our growth plans and gives us confidence in our continued growth in the years ahead."

The property business, comprising real estate and hospitality, delivered a combined P4.1 billion, or 27% of the total. The remaining 5% came from other businesses.

The real estate business, including listed subsidiary Filinvest Land Inc (FLI) and Filinvest Alabang Inc (FAI), contributed P3.8 billion in net income, a 3.2% increase from P3.7 billion in 2023.

Residential segment revenues rose 9% to P17.6 billion, led by higher project completion rates for mid-rise condominiums and housing projects. Mall and rental revenues increased 11% to P8.5 billion due to higher occupancy rates.

Hotel operations under Filinvest Hospitality Corp contributed P266 million in net income, with revenues climbing 26% to P4.3 billion, boosted by stable domestic tourism and increased average room rates.

The group's banking and financial services unit contributed P5.8 billion to net income, accounting for 39% of FDC’s bottom line. The power subsidiary contributed P4.3 billion, or 29% of the total.

FDC's banking unit, EastWest Bank, posted a record net income of P7.6 billion in 2024, a 25% increase from the previous year, driven by sustained consumer loan growth and strong deposit generation.

Power subsidiary FDC Utilities Inc (FDCUI) reported a net income contribution of P4.3 billion, a 26% increase from 2023, led by higher volume and average selling prices.