Filinvest Development Corp., the listed company that holds the investments of the Gotianun family, on Wednesday reported a 57 percent in nine-month net income to P5.9 billion on the back of double-digit growth in earnings of its various business interests, including banking, real estate, power and hospitality.
FDC said revenue jumped 26 percent to P64.6 billion as post-pandemic recovery continued across its businesses. It said total revenue and other income in the first nine months of 2023 already surpassed the amount generated before the pandemic of P63 billion in the comparable period of 2019.
“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 despite the challenges of 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,” said FDC president and chief executive officer Chiqui Huang.
Revenue from EastWest Bank grew by 33 percent on increased lending while real estate operations led by residential and mall businesses saw a 15 percent growth in revenues.
Revenue from the power ventures grew by 19 percent due to the significant increase in electricity prices while hospitality revenue increased by 53 percent on higher occupancy rates and average room rates across the seven hotel properties with the continued recovery of travel and tourism.
The company ended September with P713.1 billion worth of assets.
The Filinvest group has earmarked for 2023 a total capital expenditure budget of P35 billion, with half going to real estate and hospitality businesses. The balance will go to new ventures including renewables, water and other urban solutions.
