Filinvest Development Corp. (FDC), the investment holding company of the Gotianun Group, reported a 36-percent jump in attributable net income to ₱12.1 billion last year from the ₱8.9 billion recorded in 2023, following a double-digit improvement across all business segments.
In a disclosure to the Philippine Stock Exchange, the firm said its consolidated net income rose 29 percent to ₱15.7 billion, with the growth driven by a 22-percent increase in total revenues and other income to a record ₱113.4 billion in 2024 from ₱92.8 billion in 2023.
The increase in revenues and other income by business segment were as follows: banking, 23 percent; power, 40 percent; real estate, 11 percent; hospitality, 26 percent; and sugar, 15 percent.
FDC President and CEO Rhoda A. Huang said, “2024 was by far Filinvest’s strongest year. As we celebrate our 70th anniversary, this record performance anchors our growth plans and gives us confidence in our continued growth in the years ahead.
“It is a testament to our ability to adapt to changes over the decades and take advantage of opportunities when they arise.”
The company is celebrating its 70th year since its founders Andrew and Mercedes Gotianun started the business in 1955. From a small financing business, it has since expanded into diverse industries and has remained committed to its purpose of enabling Filipinos to achieve their dreams.
Growth was broad-based, with the banking, real estate, and power subsidiaries bolstering FDC’s 2024 results. Banking and financial services delivered a net income contribution to the group of ₱5.8 billion, equivalent to 39 percent of FDC’s bottom line.
The power subsidiary contributed ₱4.3 billion in net income, or 29 percent of total, while the property business, composed of the real estate and hospitality segments, delivered a combined ₱4.1 billion, or 27 percent of total. The balance of five percent came from other businesses.
EastWest Bank (EW), on a stand-alone basis, delivered its highest net income on record of ₱7.6 billion in 2024, 25-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 ₱3.8 billion in net income to the group in 2024, 3.2-percent higher than the ₱3.7 billion in the previous year.
The power subsidiary, FDC Utilities Inc. (FDCUI), reported a net income contribution of ₱4.3 billion in 2024, which is equivalent to a 26-percent growth from 2023. The net income growth was on the back of revenues that rose by 40 percent to ₱24.5 billion, driven by higher volume and average selling prices.
Hotel operations under Filinvest Hospitality Corp. (FHC) continued to ramp up in 2024. Net income contribution to the group of FHC reached ₱266 million, buoyed by the 26-percent growth in revenues to ₱4.3 billion in 2024.
Stable domestic tourism propped up occupancy and increased average room rates across the seven properties. Revenues from food and beverage (F&B) added ₱1.4 billion to the segment.
“Armed with a strong foundation, we are now ready to embrace change and move forward on this pivotal growth path for the Filinvest Group,” said Huang.