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Manila Bulletin devider Business devider The Stock Market devider FPH profits rise 27% to P12.7 B

FPH profits rise 27% to P12.7 B

Published Mar 31, 2023 04:52 am
# First Philippine Holdings Corporation, a member of the Lopez Group, reported a 26 percent growth in attributable consolidated net income to P12.7 billion last year from P10.0 billion in 2021. In a disclosure to the Philippine Stock Exchange, the firm said this reflects the growth in recurring net income adjusted for the one-off gains and losses mostly pertaining to proceeds from insurance claims, foreign exchange-related movements, and pandemic-related expenses. Attributable recurring net income rose 27 percent to reach a record high of P12.8 billion last year from the P10.1 billion earned in 2021. The upturn was driven by the outstanding performance of the group's major business segments - power generation, real estate, construction and energy solutions. FPH Group's total revenues jumped by 36 percent to P170.3 billion in 2022 from P125.1 billion in 2021 with the improvement largely driven by the higher sales of electricity following higher electricity generated and average selling prices of the First Gen group. This is also due to improved sales bookings and construction completion of residential development projects under Rockwell Land Corporation. There was also an upswing of revenues from the construction and drilling projects of First Balfour, supplemented by Rockwell Land’s commercial leasing and retail business segments and First Philippine Industrial Park’s industrial leasing and water utilities businesses. FPHC also saw a substantial increase in volume and value of the electrical transformers and the new business products sold by First Philec.
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