Filinvest Development Corporation (FDC), the flagship firm of the Gotianun family, expects to sustain the strong growth it posted in 2023 when attributable net income jumped 58 percent to P8.9 billion last year from the P5.7 billion earned in 2022.

In a disclosure to the Philippine Stock Exchange (PSE), the firm said its consolidated net income reached P12.1 billion, rising by 46 percent year-on-year. 

“The growth was driven by a 31 percent increase in total revenues and other income from P71.1 billion in 2022 to P92.8 billion in 2023 following a double-digit improvement across all business segments,” FDC said. 

The increase in revenues and other income by business segment were as follows: banking, 35 percent; real estate, 20 percent; hospitality, 77 percent; power, 35 percent; and sugar, 16 percent. 

The level of total revenues and other income of FDC in 2023 has surpassed by eight percent the amount generated before the pandemic which amounted to P84.6 billion in 2019.

“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 CEO Rhoda A. Huang.

She added that “we look forward to sustaining the strong momentum in 2023. Our goal is to ‘Fast Forward Filinvest.’”

While growth was broad-based, the banking, real estate and power subsidiaries bolstered FDC’s 2023 results. 

Banking and financial services delivered a net income contribution to the group of P4.6 billion, equivalent to 39 percent of FDC’s bottom line. 

The property business, composed of the real estate and hospitality segments, delivered a combined P3.8 billion or 32 percent of total. 

The power subsidiary contributed P2.9 billion in net income or 24 percent of total, while the balance of five percent came from other businesses.

On a stand-alone basis, EastWest Bank (EW) delivered a net income of P6.1 billion in 2023, 32 percent higher than the previous year on sustained consumer loan growth and strong deposit generation.

FDC’s real estate business, comprised of listed subsidiary Filinvest Land Inc. (FLI) and Filinvest Alabang Inc. (FAI), contributed P3.7 billion in net income to the group in 2023, 31 percent higher than the P2.8 billion in the previous year. 

The power subsidiary, FDC Utilities Inc. (FDCUI), reported a net income contribution of P2.8 billion in 2023 which is equivalent to a 30 percent growth from 2022. 

The net income growth was on the back of revenues that rose by 33 percent to P17.2 billion, driven by higher volume and average selling prices.

Hotel operations under Filinvest Hospitality Corporation (FHC) rebounded in 2023 with net income to the group reaching P106 million, buoyed by the 48 percent growth in revenues to P2.9 billion in 2023.

Stable domestic tourism propped up occupancy and increased average room rates across the seven properties. Revenues from food and beverage (F&B) added P1.1 billion to the segment.