Groupwide improvements boost FDC earnings by 58%

MANILA, Philippines — Filinvest Development Corp. (FDC), the listed conglomerate of the Gotianun family, saw its earnings rise by more than half last year on the back of a double-digit improvement across all business segments.

FDC reported a net income attributable to equity holders of the parent company of P8.9 billion in 2023, up 58 percent from P5.7 billion the previous year.

Consolidated net income of the company expanded by 46 percent year-on-year to P12.1 billion.

Total revenues and other income generated during the year reached P92.8 billion, 31 percent higher from P71.1 billion in 2022.

FDC’s level of total revenues and other income last year surpassed by eight percent the amount generated before the pandemic of P84.6 billion in 2019.

FDC president and CEO Rhoda Huang said 2023 for the company was marked by robust growth in all its business lines.

“The key to our success was a renewed focus on the fundamentals of our business and staying true to our key strategic imperatives and reliance on our core strengths as an organization,” Huang said.

Banking, real estate and power subsidiaries primarily bolstered the group’s results last year.

Banking and financial services accounted for 39 percent of FDC’s bottom line, delivering a net income contribution to the group of P4.6 billion.

The property business, composed of the real estate and hospitality segments, delivered a combined P3.8 billion, or 32 percent of the total.

FDC’s real estate business, composed of subsidiaries Filinvest Land Inc. and Filinvest Alabang Inc., enjoyed higher revenues from the residential segment as well as mall and rental.

The power subsidiary contributed P2.9 billion in net income or 24 percent of total. The balance of five percent came from other businesses.

Huang said FDC is looking forward to sustaining the strong momentum in 2023.

“Our goal is to fast forward Filinvest,” she said.