Filinvest income soars to record high

MANILA, Philippines — The earnings of Gotianun-led conglomerate Filinvest Development Corp. (FDC) soared to a new record-high in the nine months ending September.

FDC registered a 59-percent jump in net income to P9.5 billion from January to September compared to last year’s P5.9 billion.

FDC said the growth was fueled mainly by its banking, power and property businesses.

“The net income in the first nine months of 2024 was at a record-high for comparative periods,” FDC president and CEO Rhoda Huang said.

“The strong performance was across the group’s business segments and we look forward to sustaining this growth trajectory for the balance of the year,” she said.

FDC’s revenues and other income for the nine-month period surged by 34 percent year-on-year to P86.8 billion.

The banking segment made the biggest contribution to revenues and other income, accounting for 44 percent, followed by real estate and power with 25 percent and 22 percent, respectively.

Hospitality accounted for three percent of the revenues, while the balance was distributed among other businesses.

During the three quarters, banking unit EastWest Bank’s topline growth was driven by a 17-percent increase in consumer loans leading to a 23-percent rise in net interest income.

FDC’s power subsidiary FDC Utilities saw 66-percent surge in revenues and other income brought about by higher energy sales from its fully contracted 405-megawatt plant located in Misamis Oriental.

Its real estate business composed of subsidiaries Filinvest Land Inc., Filinvest Alabang Inc. and Filinvest REIT Corp. generated 27 percent higher revenues and other income due to higher residential sales and mall rentals.

Revenues and other income from hotel operations under Filinvest Hospitality Corp. also climbed by 39 percent as a result of the resurgence in domestic tourism and international arrivals.