Filinvest Land Inc., one of the leading real estate developers in the country, said Wednesday net profit last year rose 30 percent to P3.77 billion on strong gains from its residential and leasing businesses.
The listed property developer said its total consolidated revenue and other income increased by 13 percent to P22.55 billion last year compared with P19.94 billion in 2022.
“We are very pleased to report Filinvest Land’s financial results in 2023 which were driven by the consistent and robust performance of our residential business segment. This was driven by increasing sales to our overseas Filipino workers, alongside the strategic expansion and regionalization of our sales network,” said Tristan Las Marias, president and chief executive officer of Filinvest Land, in a statement.
“We are also excited about the strong performance of our leasing businesses, including malls, offices, industrial spaces, co-living, and co-working spaces. We anticipate further expansion opportunities for Filinvest Land in the coming year,” Las Marias added.
Filinvest Land said the performance of its mall business was driven by the increase in occupancy and tenant sales and reduced direct operating expenses led to a record growth in earning before interest, taxes, depreciation and amortization of 47 percent.
Revenue from the residential segment grew by 13 percent to P14.49 billion, driven by accelerated construction progress and the success of housing projects and medium-rise condominiums across strategic locations nationwide. Filinvest Land launched P8.7 billion worth of residential projects in key areas such as Rizal, Laguna, Pangasinan, Cebu, Davao, South Cotabato, Zamboanga, and Iloilo Centrale, an 11.4-hectare mixed-use development in Leganes, Iloilo.
Shopping malls turned in revenue of P2.21 billion, up 32 percent, on higher occupancy, while the office segment saw revenue rise by 2 percent to P4.66 billion on higher occupancy and rent escalation.
Filinvest Land also recognized revenue from its new ventures, including co-living in Filinvest Mimosa+ Leisure City and its industrial park in New Clark City.
