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Manila Bulletin devider Business devider The Stock Market devider FPH profits rise 19% to over P15 B

FPH profits rise 19% to over P15 B

Published Apr 5, 2024 06:58 am

Despite a slight dip in revenues, the Lopez Group’s investment arm First Philippine Holdings Corporation (FPH) posted a 19 percent growth in consolidated attributable net income to P15.1 billion last year from the P12.7 billion earned in 2022.

Earnings growth was driven by the stronger operating results of the FPH's power generation and real estate segments, the firm said in a disclosure to the Philippine Stock Exchange (PSE). 

The corresponding Recurring Net Income (RNI) attributable to FPH likewise increased by eight percent to P13.8 billion in 2023 from P12.8 billion in the previous year.

FPH said this reflects the growth in attributable net income, adjusted for the one-off gains and losses that mostly pertain to proceeds from construction delays and insurance claims, and foreign exchange-related movements.

The group's total revenues declined by three percent to P164.9 billion in 2023 from P170.3 billion in 2022. The slight downturn was mainly caused by the lower pass-through fuel revenues of the First Gen group.

This was tempered by the improved sales bookings and construction completion of residential development projects under Rockwell Land Corporation.

The upswing of revenues from the industrial leasing and water utilities businesses of First Philippine Industrial Park and commercial leasing segment of Rockwell Land.

The stable earnings from distribution transformers sold and higher sales from the new business products of manufacturing arm First Philec.
 

Related Tags

First Philippine Holdings Corporation First Gen Corporation Rockwell Land Corporation
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