Gotianun Family-led Filinvest Development Corp. (FDC) reported a record-high consolidated net income of P15.7 billion in 2024, up 29 percent from the previous year.
In a stock exchange report on Wednesday, the company said net income attributable to equity holders of the parent company rose 36 percent to P12.1 billion, driven by strong performance across all business segments.
Total revenues and other income increased 22 percent to P113.4 billion, with growth across key segments: banking (23 percent), power (40 percent), real estate (11 percent), hospitality (26 percent), and sugar (15 percent).
"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," FDC President and CEO Rhoda A. Huang said.
FDC’s banking arm, EastWest Bank, posted its highest-ever net income of P7.6 billion, up 25 percent on sustained consumer loan growth (16 percent) and an 8 percent increase in total deposits. Net interest income improved 19 percent to P33.5 billion, while non-interest income rose 20 percent to P8.9 billion.
The real estate segment, which includes Filinvest Land, Inc. and Filinvest Alabang, Inc., contributed P3.8 billion in net income, a 3.2 percent increase. Residential revenues grew 9 percent to P17.6 billion, driven by faster project completion and higher revenue recognition. Mall and rental revenues improved 11 percent to P8.5 billion as occupancy rates and rental yields rose.
FDC Utilities, Inc. contributed P4.3 billion in net income, a 26 percent jump, as revenues surged 40 percent to P24.5 billion due to higher volume and selling prices. The full contracting of its 3x135 megawatts FDC Misamis plant and the Mindanao-Visayas interconnection boosted growth.
The hospitality segment, under Filinvest Hospitality Corp., reported P266 million in net income, supported by a 26 percent revenue growth to P4.3 billion. Domestic tourism helped increase occupancy rates and average room rates across its seven hotels.
FDC ended 2024 with total assets of P814 billion, up 11 percent, and a healthy debt position with a debt-to-equity ratio of 0.74:1.