FDC profit up 146% in Q1

MANILA, Philippines — Filinvest Development Corp. (FDC) reported a net income of P2.2 billion in the first quarter of 2023, up by 146 percent from the P874.2 million recorded a year ago.

FDC president and CEO Josephine Gotianun-Yap said it was a solid recovery for the company.

“We are pleased with the solid recovery of FDC having seen an acceleration in earnings across all the business units,” she said.

Moving forward, FDC is expected to sustain its growth momentum given the continuous improvement in business activity in the country despite some macroeconomic headwinds.

“The consistently high domestic demand driven by strong household consumption should bode well for our businesses that are strongly focused on the middle market,” Gotianun-Yap said.

The different businesses recovered, translating to total revenues of P20.7 billion, up by 34 percent and faster than the increase in costs and expenses of 27 percent.

The company’s balance sheet remained healthy at the end of the first quarter of 2023, with total assets of P672.1 billion.

Against this backdrop, the Filinvest Group has earmarked a total of P35 billion for its capital expenditures, of which about half is slated for the real estate and hospitality businesses.

The balance will go to investments in new ventures, such as renewables, water and other urban solutions.

Banking and financial services accounted for 44 percent of FDC’s bottom line during the period, contributing a net income of P1.5 billion to the conglomerate.

This was followed by the property business, composed of the real estate and hospitality segments, which posted a total of P953.8 million or 28 percent of the total.

The power subsidiary was a strong contributor too, accounting for P614.3 million in net income or 18 percent of the total, while the balance of 11 percent came from other businesses.

The company’s balance sheet remained healthy at the end of the first quarter of 2023, with total assets of P672.1 billion.

FDC has adequate resources to pursue growth opportunities, having a comfortable long-term debt-to-equity ratio of 0.8:1.