Filinvest group sees 57% income growth

FILINVEST Development Corp. (FDC) said Wednesday that attributable net income for January to September had risen by 57 percent, to P5.9 billion from last year’s P3.8 billion.

The firm said the income expansion was anchored on 26-percent growth in total revenues and other income, to P64.6 billion from P51.1 billion, due to improvements in its business segments.

“We are pleased to report the strong performance of our portfolio with an impressive broad-based growth in revenues and profit across all our business segments in banking, real estate, hotels, power and sugar,” Chiqui Huang, Filinvest president and chief executive officer, said in statement.

She noted that the robust performance was achieved despite challenges from high interest and inflation rates.

“With enhanced business strategies and execution, and a resilient organization, we look forward to sustaining, if not accelerating, our growth in 2024 and the years ahead,” Huang added.

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For the banking business, FDC said revenues from EastWest Bank climbed 33 percent in the first nine months on the back of elevated interest income and the buildup of high-yielding fixed-income securities.

In the real estate segment, overall revenues surged by 15 percent on higher revenues from residential and mall operations.

Revenues from the power business climbed by 19 percent, driven by the increase in electricity prices amid high fuel prices.

Hospitality revenues, meanwhile, improved by 53 percent due to higher occupancy and average room rates across the company’s seven hotel properties. Filinvest noted that it also benefited from the continued recovery of travel and tourism.

The company said its balance sheet remained healthy with total assets reaching P713.1 billion as of end-September.

The Filinvest group has allocated total capital expenditures of P35 billion for the year, nearly half of which earmarked for the real estate and hospitality business segments.

“The balance will go to investments in new ventures, including renewables, water and other urban solutions,” the group said.

Filinvest shares closed at P5.08 apiece on Tuesday.