Strong OFW market drives FLI 2023 profit up

Filinvest Land Inc. achieved a 30-percent increase in its net profit in 2023, driven by robust demand from overseas Filipino workers, resulting in notable expansion in its residential and leasing divisions.

In a regulatory filing on Wednesday, FLI reported a net income attributable to equity holders of the parent totaling P3.77 billion last year as consolidated revenues grew by 13 percent to P22.55 billion from P19.94 billion.

FLI’s residential segment logged a revenue growth of 13 percent to P14.49 billion due to accelerated construction progress and the success of housing projects and medium-rise condominiums across strategic locations nationwide.

Notably, FLI launched P8.7 billion worth of residential projects in key areas such as Rizal, Laguna, Pangasinan, Cebu, Davao, South Cotabato, Zamboanga, and Iloilo Centrale, an 11.4-hectare mixed-use development in Leganes, Iloilo.

“We are very pleased to report Filinvest Land's financial results in 2023 which were driven by the consistent and robust performance of our residential business segment.

This was driven by increasing sales to our OFWs, alongside the strategic expansion and regionalization of our sales network,” FLI president and CEO Tristan Las Marias said.

FLI’s mall business, composed of Festival Mall in Alabang, Main Square in Bacoor City, Fora in Tagaytay City, and IL Corso in City Di Mare, Cebu City, generated a revenue of P2.21 billion, up 32 percent year-on-year.

Meanwhile, its office segment revenue rose by 2 percent to P4.66 billion, driven by improved occupancy rates and rate escalations.

According to FLI, its new ventures such as the co-living in Filinvest Mimosa+ Leisure City and its industrial park in New Clark City, also contributed to the company’s overall revenues in 2023.

The co-living or dormitory business segment also contributed strongly in its maiden year with a 1 percent share in revenues and a 4 percent share in net income.