Filinvest Development Corp., the investment holding company of the Gotianun Group, said net income in the first nine months surged 59 percent to P9.5 billion, fueled by the strong financial performance of the listed company’s diverse investment portfolio.
For the third quarter alone, Filinvest Development posted a 97 percent growth in net income to P3.9 billion on the broad-based growth across its key business segments—banking, power, property, and hospitality.
Total revenues and other income for the first nine months of 2024 reached P86.8 billion, reflecting a 34 percent increase year-on-year.
Revenue growth was led by all of the company’s core segments, with the banking business contributing the largest share. EastWest Bank (EW), FDC’s banking unit, reported a 29 percent increase in revenues to P38.2 billion. Real estate revenues grew by 27 percent to P21.8 billion, while the power division, FDC Utilities, saw a 66 percent increase in revenues, reaching P18.7 billion. The hospitality business also performed well, with a 39 percent increase in revenue to P2.9 billion, fueled by strong domestic tourism and international arrivals.
“The net income in the first nine months of 2024 was a record-high for comparative periods. The strong performance was across the Group’s business segments, and we look forward to sustaining this growth trajectory for the balance of the year,” said Filinvest Development president and chief executive officer Rhoda Huang.
EastWest Bank’s robust performance was largely driven by a 17 percent rise in consumer loans, contributing to a 23 percent expansion in net interest income. Consumer lending, which remains the bank’s core business, accounted for 83 percent of its total loan book.
FDC Utilities Inc. posted a 66 percent increase in revenues, driven by higher energy sales from its 405-megaWatt plant in Misamis Oriental, Mindanao. The plant’s performance was further enhanced by the Mindanao-Visayas interconnection project, which increased demand for power in the region.
Meanwhile, the real estate business, encompassing Filinvest Land Inc., Filinvest Alabang Inc., and Filinvest REIT Corp., saw a 27 percent increase in revenues, driven by higher residential sales and improved mall rentals.
The hospitality segment also saw significant growth, with Filinvest Hospitality Corp. posting a 39 percent growth in revenue due to higher room occupancy and rates, driven by the resurgence of tourism. FHC operates a diverse portfolio of seven hotels with 1,800 rooms and two golf courses in Filinvest Mimosa Plus Leisure City in Clark, Pampanga. The growth of the hospitality sector is also attributed to the strong performance of FHC’s homegrown hotel brands—Crimson, Quest, and Timberland Highlands.
