Filinvest Development Corp., the investment holding company of the Gotianun Group, saw net income last year surge 58 percent to P8.9 billion, driven by strong performance across its diverse business, including banking, real estate, hospitality, and power.
FDC said total revenue rose 31 percent year-on-year to P92.8 billion, exceeding the pre-pandemic revenue at P84.6 billion. The contribution of various business to total revenue are 35 percent from banking, 20 percent from real estate, 77 percent from hospitality, 35 percent from power and 16 percent from sugar.
“This past operating year was marked by robust growth in all our business lines. The key to our success was a renewed focus on the fundamentals of our business and staying true to our key strategic imperatives and reliance on our core strengths as an organization,” said FDC president and chief executive officer Rhoda Huang.
FDC said banking and financial services delivered a net income contribution to the group of P4.6 billion, equivalent to 39 percent of the listed company’s bottom line. The property business, composed of the real estate and hospitality segments, meantime, added a combined P3.8 billion or 32 percent of total. The power subsidiary contributed P2.9 billion in net income while the balance of 5 percent came from other businesses.
FDC has substantial stakes in listed EastWest Bank and Filinvest Land Inc., Filinvest Alabang, Inc., power firm FDC Utilities Inc., and Filinvest Hospitality Corp. whose portfolio has approximately 1,800 rooms across seven hotels in seven cities and five regions under the Crimson, Quest and Timberland Highlands brands.
