The Gotianun Group’s Filinvest Land, Inc. (FLI), one of the country's largest real estate developers, reported a 14 percent growth in attributable net income to P845 million for the first quarter of 2024 compared to the same period last year.
In a disclosure to the Philippine Stock Exchange, the firm said total consolidated revenues and other income increased by 15 percent to P5.4 billion in the first quarter of 2024 from P4.69 billion in the same period last year as residential and leasing business segments posted healthy growth.
"We are very happy to report that Filinvest Land continued to achieve strong and consistent growth in its residential business segment despite the challenging interest rate environment," said FLI President and CEO Tristan Las Marias.
He added that, “Our performance is the result of our commitment to providing value for money homes located in communities and townships that address our homebuyers’ needs.
“We remain steadfast in our mission of building the Filipino dream as we develop higher value products to address shifting market preferences, focused on the affordable and middle-income segments.”
Gross profit margin from the residential business reached 49 percent while consolidated EBITDA and Operating income increased 16 percent and 19 percent, respectively.
FLI also made significant progress in launching new projects and improving the performance of its leasing business.
“We are also pleased with the performance of our leasing businesses as we were able to grow our mall, industrial, co-living and co-working businesses. We look forward to seeing FLI’s further growth this year,” noted Las Marias.
FLI’s residential revenues grew 22 percent to P3.4 billion due to the strong sales performance and accelerated construction pace of the company’s mid-income condo projects in Metro Manila and Mindanao.
The firm completed the construction of the following condominium buildings during the first quarter which pushed our residential’s revenue performance, namely, Panglao Oasis in Taguig City, Alta Spatial in Valenzuela City, and in our Veranda Resort Condo in Kembali, Samal Island, Mindanao.
Reservation sales grew 10 percent to P5.71 billion led by sales in the National Capital Region, Cebu and Central Luzon. With the implementation of the higher VAT-free ceiling of P3.6 million from P3.2 million, FLI sales rose as its core products became more affordable.
FLI launched a total of P3.3 billion worth of residential projects to sustain its strong market presence, particularly New Leaf 2 in Trece Martires, Cavite and Building 7 of 8 Spatial in Davao. The company plans to launch a total of P25 billion worth of residential projects in 2024.
Meanwhile, FLI’s mall business grew by 6 percent to P589 million due to the increase in mall occupancy and rise in shopper traffic across all its mall properties in Alabang, Cebu City, Tagaytay, and Bacoor.
The firm leased an additional 19,000 sqm or 8 percent of retail GLA during the first quarter which improved its overall occupancy to 76 percent.
FLI expects to complete construction of its 3,760sqm mall in Dumaguete by August of this year while developing a new mall within Filinvest Mimosa+ Leisure City, inside Clark Freeport.
Office revenues declined by 7 percent to P1.08 billion due to the continuing challenges of work-from-home arrangements in the BPO sector.
Revenues from its new co-living business in Filinvest Mimosa+ Leisure City contributed to the increase in overall revenues while its industrial park in New Clark City also generated revenues during the period.