Filinvest Development Corporation’s (FDC), the Gotianun family’s investment holding company, registered a 41 percent jump in attributable net income to P5.5 billion in the first half of 2024 from P3.9 billion in the same period last year. 

In a disclosure to the Philippine Stock Exchange, the firm said total revenues and other income for the first half of 2024 rose by 30 percent from 2023 to P55.5 billion. 

The revenues and other income increase by business segment were as follows: Banking, 28 percent; Power, 75 percent; Real estate, 18 percent; and Hospitality, 49 percent.

“FDC’s strong performance in the first half of 2024 was broad-based, led by banking, power, and real estate,” said FDC President and CEO Rhoda A. Huang.

She added, “We look forward to sustaining our robust growth as we keep honing our strategies and operations and as we implement important capital investments for long-term growth.”

EastWest Bank’s top-line growth was driven by a 22 percent increase in consumer loans, leading to a 28 percent rise in net interest income. 

The Power subsidiary, FDC Utilities, Inc. (FDCUI), reported a 75 percent surge in revenues in the first half of 2024, driven by higher energy sales from its fully contracted 405-MW plant located in Misamis Oriental in Mindanao. 

FDC's Real Estate business, composed of subsidiaries Filinvest Land, Inc., Filinvest Alabang, Inc., and Filinvest REIT Corp., generated 18 percent higher revenue versus the same period last year from improved residential sales and mall rentals.

Hotel operations under Filinvest Hospitality Corporation grew revenues by 49 percent compared to the same period last year made possible by a strong resurgence in domestic tourism and international arrivals. 

The Banking segment made the biggest contribution to revenue in the first six months of 2024, accounting for 44 percent of the conglomerate’s total. 

This was followed by Power and Real Estate, with each adding 23 percent. Hospitality accounted for four percent of the revenues, while the balance was distributed among other businesses.

The healthy revenue growth rates realized during the first half of 2024 translated to the following bottom-line contributions: Banking accounted for 38 percent of FDC’s net income. This was followed by Power, 31 percent; Property business, composed of the Real Estate and Hospitality segments, 22 percent; and Sugar milling, 9 percent.

For 2024, the Filinvest group forecasts a total capital expenditure of P26 billion, 61 percent of which is allotted to real estate projects, 20 percent to power projects, nine percent for the expansion of the hospitality business, and the balance for other businesses.