Filinvest Land Inc. (FLI), the Gotianun-led property developer, reported an 11 percent rise in net income for 2024, reaching P4.16 billion, up from P3.76 billion the previous year. The increase in income came despite a modest rise in residential sales and office rentals.
Consolidated revenue grew 8 percent, totaling P24.44 billion, compared to P22.55 billion in 2023. Real estate sales saw a 6 percent boost to P15.39 billion, while rental income from office and retail sectors rose 8 percent to P7.84 billion.
FLI president and CEO Tristan Las Marias attributed the company’s success to the stability of its residential business and continued demand for affordable, quality housing. “Our residential business remains stable as we continue to deliver housing products that meet the needs of Filipino families,” Las Marias said.
The company’s leasing business also showed solid growth, with retail leasing revenue increasing by 15 percent to P2.54 billion and office leasing revenue rising 3 percent to P4.81 billion. The growth was driven by higher occupancy rates and better rent conditions.
In its residential segment, FLI’s middle-income properties continued to dominate, contributing 74 percent of total residential sales. Reservation sales remained flat at P19.4 billion, with significant growth of 75 percent in the Visayas region.
FLI expanded its portfolio by launching 19 new residential projects worth P27 billion, including the Sydney Oasis in Cavite. Additionally, its industrial business is gaining momentum, with the Filinvest Innovation Park – New Clark City welcoming its first tenant, StB Giga, the Philippines’ first manufacturer of Lithium-Iron-Phosphate (LFP) batteries.
Looking forward, Las Marias expressed optimism about sustaining the company’s growth, particularly in its leasing and industrial segments, with further expansion expected in 2025.
