Filinvest Land sees 8% profit rise in nine months

Filinvest Land sees 8% profit rise in nine months | Daily Tribune

Filinvest Land, Inc. (FLI) reported consolidated net income attributable to the parent of P2.65 billion for the first nine months of the year, reflecting an 8 percent increase year-on-year.

Total consolidated revenues and other income rose 17 percent to P 18.44 billion, driven by a 21 percent growth in booked residential real estate sales.

Leasing revenues from FLI’s office and retail businesses also grew 7 percent to P5.71 billion.

Operating profit surged 30 percent to P6.83 billion, fueled by strong performance across all major business segments: residential, office leasing, retail leasing, and interest income.

Among these, residential sales showed the strongest growth, supported by middle-income projects, as higher percentages of completion were achieved and more accounts were recognized as revenue.

Gross profit margins in the residential segment, FLI’s core business, improved significantly, climbing to 51 percent from 44 percent in the same period last year due to better operational efficiency and the removal of capitalized interest.

“Our strategic focus on our core strengths in the residential business continued to pay off in the first nine months of 2024. Filinvest remains a strong player in the leasing industry with office and retail offerings that attract a diverse array of tenants,” said FLI President and CEO Tristan Las Marias.

Residential real estate revenues jumped 21 percent to P11.89 billion, with the middle-income segment driving robust growth, surging 39 percent year-on-year and contributing 76 percent of total residential revenues.

Reservation sales increased 5 percent to P15.93 billion, supported by double-digit growth from projects in the Visayas and strong sales from top-performing medium-rise condominiums in Metro Manila, Zamboanga, and Davao.

Over the first nine months, FLI launched 11 new projects worth P20.35 billion, including The Levels – Catalina Tower in Filinvest City, Alabang.

Retail leasing revenues rose 6 percent to P1.84 billion, driven by higher occupancy rates and stronger net effective rents as discounts were rationalized.

FLI’s industrial business is also gaining traction. In September, StB Giga, the pioneer ready-built factory (RBF) locator at Filinvest Innovation Park in New Clark City, inaugurated its manufacturing facility and commenced operations.