FDC earnings down 7 percent to P5.7 billion in 2022

MANILA, Philippines — Filinvest Development Corp. (FDC), the conglomerate of the Gotianun Group, reported a net income of P5.7 billion in 2022, down seven percent from the P6.1 billion recorded a year ago.

This was due to higher provision for income tax at P2.4 billion, driven by the one-time tax benefit arising from the CREATE law in 2021 for the real estate subsidiaries.

FDC’s revenues and other income, on the other hand, rose by 13 percent to P71.1 billion due to a recovery across all major businesses.

Together with the cost containment efforts, EBITDA likewise expanded by five percent to P21.0 billion.

FDC president and CEO Josephine Gotianun-Yap said the company’s financial performance last year demonstrates its portfolio’s resilience and strength amid the various economic headwinds.

“We are pleased with the steady recovery and improvement of each of our businesses towards last year’s second half,” she said.

She sees recovery continuing this year, with the support of a healthy macroeconomic environment.

The banking and financial services accounted for 42 percent of FDC’s bottom line, contributing a net income of P4.4 billion to the Filinvest group.

This was followed by the property business, composed of the real estate and hospitality segments, which posted a combined P3.5 billion or 33 percent of the total.

Another strong growth is the power subsidiary, which contributed P2.2 billion in net income or 21 percent of total, while the balance of four percent came from other businesses. EastWest Bank, FDC’s banking and financial services subsidiary, contributed P4.4 billion to the group, higher than the P4.3 billion recorded in 2021.

The conglomerate founded by husband and wife Andrew and Mercedes Gotianun, FDC aims to grow a legacy of success by continuing to strengthen its position in the different industries.