GOTIANUN-LED Filinvest Development Corp. (FDC) recorded a 36% rise in attributable net income for 2024 to P12.1 billion from P8.9 billion in 2023, reflecting growth across all business segments.
Total revenue and other income rose by 22% to P113.4 billion in 2024 from P92.8 billion in 2023, FDC said in a statement to the stock exchange on Wednesday.
Consolidated net income grew by 29% to P15.7 billion.
The banking and financial services segment accounted for 39% of FDC’s net income, followed by the power business at 29%, real estate and hospitality at 27%, and other businesses at 5%.
“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,” FDC President and Chief Executive Officer Rhoda A. Huang said.
The banking business, led by East West Banking Corp., posted a 25% increase in net income to a record-high P7.6 billion, driven by sustained consumer loan growth and strong deposit generation.
Net interest income rose by 19% to P33.5 billion, while non-interest income expanded by 20% to P8.9 billion.
The real estate segment, comprised of Filinvest Land, Inc. and Filinvest Alabang, Inc., recorded a 3.2% increase in net income contribution to P3.8 billion.
Revenues from the residential segment climbed 9% to P17.6 billion due to a higher percentage of project completion in mid-rise condominiums and housing developments, as well as a growing number of accounts recognized as revenue.
Mall and rental revenues improved by 11% to P8.5 billion, driven by higher occupancy rates and improved net effective rents.
The power subsidiary, FDC Utilities, Inc., posted a 26% increase in net income contribution to P4.3 billion as revenues grew 40% to P24.5 billion on higher volume and average selling prices.
Filinvest Hospitality Corp. contributed P266 million in net income as revenue rose 26% to P4.3 billion, supported by stable domestic tourism and higher average room rates across its seven properties.
The company operates approximately 1,800 rooms across seven hotels in seven cities and five regions under the Crimson, Quest, and Timberland Highlands brands.
“Armed with a strong foundation, we are now ready to embrace change and move forward on this pivotal growth path for the Filinvest group,” Ms. Huang said.
FDC shares rose 1.06% or five centavos to P4.75 per share on Wednesday. — Revin Mihael D. Ochave
