Gotianun-led Filinvest Land, Inc., one of the country's leading full-range property developers, reported an 11 percent improvement in attributable consolidated net income to ₱4.17 billion last year.
In a disclosure to the Philippine Stock Exchange, the firm said total consolidated revenues and other income rose eight percent to P24.45 billion, driven by a six percent growth in booked residential real estate sales.
Rental revenues, mainly from FLI’s office and retail businesses, grew nine percent to P7.85 billion.
Gross profit margins from the residential business, FLI’s core business segment, improved notably, from 44 percent to 52 percent, from 44 percent increase, as a direct result of improved operational efficiency and the removal of capitalized interest.
“Our residential business remains stable as we continue to deliver housing products that meet the needs of Filipino families for affordability, quality, and convenience,” said FLI President and CEO Tristan Las Marias.
He added, “Our continued success in the housing segment lies in delivering sustainable, value-for-money homes consistent with our mission of building the Filipino dream.”
“Filinvest’s leasing business has also been gaining momentum, with steady growth in both office and retail properties. Our malls are attracting new tenants with innovative concepts, while our offices are experiencing a consistent increase in space take-up.
“We are optimistic about sustaining this growth trajectory for our rental business this year,” Las Marias noted.
FLI’s residential real estate revenues increased six percent to ₱15.39 billion in 2024, driven by higher project completion rates and a growing number of accounts recognized as revenue.
The middle-income segment remained the top contributor, accounting for 74 percent of total residential sales revenues. Reservation sales were steady at ₱19.4 billion, bolstered by strong performance from Visayas, which posted a significant growth of 75 percent.
Mindanao, specifically Zamboanga, also experienced notable growth, with a 57 percent increase in option sales, driven primarily by strong market acceptance of Futura Homes and Futura Vinta. Meanwhile, Central Luzon delivered three percent growth, driven by Naga, Pampanga, Palawan, and Tarlac projects.
Throughout 2024, FLI launched 19 new residential projects with a combined value of₱P27 billion, further strengthening its presence in key growth areas nationwide.
Filinvest Land’s retail leasing revenues rose 15 percent to ₱2.54 billion, driven by increased occupancy rates and improved net effective rents following the rationalization of discounts and concessions.
Ancillary businesses such as parking, amusement, and cinemas also grew considerably. Filinvest Malls Dumaguete, located within the Marina Town complex, formally opened in September 2024.
Filinvest Land’s office portfolio, including listed subsidiary Filinvest REIT Corp. (FILRT), achieved ₱4.81 billion in leasing revenues, up three percent, driven by increases in net effective rent and occupied gross leasable area (GLA).
FLI’s industrial business is steadily gaining momentum.