First Philippine Holdings Corp., a listed firm that holds the major investments of the Lopez Group, said Friday that consolidated net income for 2022 increased 26 percent year-on-year to P12.7 billion, aided by gains in power generation, real estate, construction and energy solutions.
It said group revenues jumped 36 percent on year to P170.3 billion.
First Holdings said the surge in revenue was driven by higher electricity sales of First Gen due to increased amount of power generated and higher average selling price; improved sales bookings and construction completion of residential development projects under Rockwell Land; increased construction and drilling projects of First Balfour; and substantial increase in volume and value of the electrical transformers and the new business products sold by First Philec.
Rockwell Land’s commercial leasing and retail business segments and First Philippine Industrial Park’s industrial leasing and water utilities businesses also helped boost revenue, it added.
